The Chairman of the Federal Reserve, Jerome Powell, announced last week what could be a series of interest rate hikes. This typically means the cost of borrowing money higher and at times free up cash for consumers. But, what does that mean for the price of food that ha been creeping up the past year? USD’s Gary Crawford says it’s a ‘wait and see’ situation’:
The Federal Reserve voted two weeks ago to raise interest rates up to six times by the end of the year, in an effort to slow inflation that is running at its highest levels in over 40 years. It’s the first rate increase since 2018.
