BREAKING: Federal Reserve raises interest rate to 5.5%, its highest level in 22 years.
Even though that's the lowest the annual inflation rate has been in more than two years, it's still too high for the Federal Reserve, which is looking to wrestle increases down to about 2%.hopes to make borrowing and investing more expensive"Inflation remains stubbornly high," said Greg McBride, senior vice president and chief financial analyst for Bankrate.
The Fed believes it can slow the economy to reduce inflation without causing people to lose their jobs en masse. Of course, higher pay is good for workers — and for the first time in the post-pandemic period, data showed inflation-adjusted wages outpacing inflation.
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