The Federal Reserve raised interest rates by 75 basis points at the end of September, marking the third consecutive 75-basis point increase and the fifth rate hike this year.
As reported by FOX Business, as a result of the rate hike, the federal funds rate will now range from 3% to 3.25%, and the Fed said more rate hikes are likely as it “strongly committed to returning inflation to its 2% objective.”
The Fed is expected to raise interest rates by 75 basis points in November and possibly again in December.
Now, in an effort to combat high inflation, billionaire investor Mark Mobius predicts the Federal Reserve will raise interest rates to 9%, saying those sitting on high debt will be “in trouble.”
This is heart-wrenching news for hard working Americans.
As noted by Bloomberg, Mobius’ forecast likely refers to the Taylor Rule, a formula developed by Stanford economist John Taylor that prescribes how a central bank should adjust interest rates in order to account for inflation and other economic factors.
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