Topic: Cash savings looking good, not so good for loans.

[Flat Tire 2]

The Fed hiked interest rates. Great for those you have cash with better interest rates on CD and savings. Not so good for people trying to obtain loans.

Fed hikes interest rates to 22-year high as inflation fight resumes
Fed delivers another interest rate hike after June pause,

The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter of a point, resuming its campaign to increase borrowing costs and crush inflation after a brief pause in June.

The unanimous decision puts the key benchmark federal funds rate at a range of 5.25% to 5.5%, the highest since 2001, further restricting economic activity as the borrowing costs for homes, cars and other items march higher.

https://www.foxbusiness.com/economy/federal-reserve-interest-rate-decision-july-2023

[Flat Tire 2]

Federal Reserve Chairman Jerome Powell said he believes high inflation will be with us until 2025, even with record high-interest rates, in a Wednesday press conference.

Powell does not see the inflation rate returning to the normal level of 2% until 2025, far sooner than when he believes the Fed will start lowering rates again, he said in a press conference concluding the July Federal Open Market Committee meeting. The remarks follow the Wednesday announcement prior to the press conference by the Fed that it would raise its benchmark federal funds rate by 25 basis points to a range of 5.25% and 5.50%, reaching the highest level since 2001, according to the Fed press release.

https://dailycaller.com/2023/07/26/fed-chair-predicts-inflation-2025-powell/

[2xBison]

keep printing money we will need to keep raising rates to combat inflation