The Federal Reserve recently did something it hasn't done for three years: It raised interest rates. In his first big policy shift as Fed chair, Kevin Warsh, who took the post in May, said, "inflation is too high and has been for too long." The move, a quarter-point increase to the range of 3.75% to 4%, followed Warsh's decision to maintain rates at the current level during June and July policy meetings. Though President Donald Trump has pushed for lower interest rates, in recent months, economists' expectations for a rate hike gradually increased amid higher inflation -- this could be seen from prices at the pump to food costs at the supermarket.
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