Hi there,

Democracy Now! is celebrating 28 years on the air. Since our very first broadcast in 1996, Democracy Now! has been committed to bringing you the stories, voices and perspectives you won't hear anywhere else. In these times of war, climate chaos and elections, our reporting has never been more important. Can you donate $10 to keep us going strong? Today a generous donor will DOUBLE your donation, making it twice as valuable. Democracy Now! doesn't accept advertising income, corporate underwriting or government funding. That means we rely on you to make our work possible—and every dollar counts. Please make your gift now. Thank you so much.
-Amy Goodman

Non-commercial news needs your support.

We rely on contributions from you, our viewers and listeners to do our work. If you visit us daily or weekly or even just once a month, now is a great time to make your monthly contribution.

Please do your part today.

Donate

U.S. Federal Reserve Further Raises Interest Rates by 0.5%

HeadlineDec 15, 2022

The U.S. Federal Reserve has raised interest rates by one-half a percentage point and signaled it may continue lifting rates through the first half of next year. On Wednesday, Fed Chair Jerome Powell said the higher cost of borrowing would slow the economy and lower the rate of inflation.

Jerome Powell: “We’re taking forceful steps to moderate demand so that it comes into better alignment with supply. Our overarching focus is using our tools to bring inflation back down to our 2% goal and to keep longer-term inflation expectations well anchored. Reducing inflation is likely to require a sustained period of below-trend growth and some softening of labor market conditions.”

Former Labor Secretary Robert Reich said the Fed’s move risked plunging the U.S. economy into recession and throwing millions of people out of work. He noted U.S. prices have outpaced wage gains over the last year, diminishing the real purchasing power of workers. Reich added, “This is absolutely not the time for more interest rate hikes that make it even harder for working people to keep the lights on.”

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Top