Banks Might Be About To Ruin The Economy Again

Just about anyone whose job it is to pay attention to financial news should have known that interest rates would go up over the course of the last year. A year ago, when the Federal Reserve raised interest rates for the first time in three years to combat inflation, it said that the banking industry should expect “ongoing increases,” and by September, the Fed projected that it wouldn’t stop heightening rates until they topped 4.5%—from near zero in early 2022.

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