The Fed's slower rate hike this month is good news for any Americans looking to buy a car, house, or use their credit card in 2023
The nation's central bank raised interest rates once again — but appears to be slowing down its efforts to fight inflation.
This comes after the US economy received some promising data on where high prices are headed — the Consumer Price Index, which measures inflation,7.1% year-over-year in November, which marked a decrease from the October reading of 7.7%. While inflation levels are still undoubtedly high, the Fed appeared to respond to the positive direction the economy is heading by slowing its aggressive interest rate hikes.
Still, the country is far from achieving the Fed's goal of reaching a 2% inflation level — where the economy was pre-pandemic — and Federal Reserve Chair Jerome Powell previouslyduring a Brookings Institution event that interest rate hikes will persist so long as prices remain high. "It is likely that restoring price stability will require holding policy at a restrictive level for some time," he added."History cautions strongly against prematurely loosening policy. We will stay the course until the job is done."
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