A feeling of economic doom is going around. And there isn't much we can do other than sit back and watch
The Fed's rate hike of half a percentage point is large, which helped push stocks lower Thursday.
But the federal funds target rate, which now stands at 1%, is still historically low and hasn't been above 5% since before the Great Recession.
3% by the end of the year to -- which seems bonkers today -- as Fed officials went scorched-earth to combat runaway inflation back then.
CNN's Matt Egan writes that the Fed could raise its rates to at least3% by the end of the year to combat inflation .
He notes the rate peaked at 22% in 1981-- which seems bonkers today -- as Fed officials went scorched-earth to combat runaway inflation back then.
Higher rates could be good for savers, he writes, and challenge the stock market, which he says has "become accustomed to -- if not addicted to -- easy money."
Mortgage rates are up 2 percentage points, from below 3% a year ago to more than 5%, the highest since 2009, reports CNN's Anna Bahney.
This is likely driving some homebuyers from the market, and for others, creating a mad dash to get something and lock in a rate.
Americans are spending money, feeling comfortable enough to quit their jobs, and the housing and car markets have not yet started to tank.
White House says look at the economy with more nuanceOn CNN's "New Day," Brianna Keilar asked Jared Bernstein, a member of Biden's Council of Economic Advisers, if the President was out of touch on the economy.
"Not at all," he said, arguing Biden will mention inflation every time he talks about the economy.
None of those efforts, on their own, are going to solve inflation, which is Biden's problem.