The Federal Reserve increased its benchmark rate by another 25 basis points at its May meeting. This is the tenth rate hike by the central bank in only 14 months. The Fed raised rates by 5% more rapidly than in any complete tightening cycle in the last half-century. A recent Advisor Authority survey, powered by the Nationwide Retirement Institute, found that nearly 40% of individuals want the Fed to begin cutting interest rates to help relieve economic pressures. That compares with 20% of individuals who think the Fed’s current policy is about right and 14% who want the Fed to keep raising rates to control inflation.
In our recent Market Insights podcast, Nationwide’s Chief Economist Kathy Bostjancic and Senior Economist Ben Ayers share their instant analysis of the Fed’s recent decision and discuss the potential economic impact. Listen to hear more on:
- How effective has this tightening cycle been in controlling inflation?
- In what ways has the overall economy been impacted?
- When could the Fed decide to lower rates again?
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