Political Reporter For Dailymail.Com and Keith GriffithPublished: 14:01 EST, 14 December 2022 | Updated: 14:50 EST, 14 December 2022The Federal Reserve rose its benchmark interest rate by half a percentage point on Wednesday, one day after inflation figures showed prices up 7.1 percent year-over-year. 'Our overarching focus is using our tools to bring inflation back down to our 2% goal,' Powell said in a news conference Wednesday. 'Reducing inflation is likely to require a sustained period of below-trend growth and some softening of labor market conditions.' When the Fed raises interest rates it seeps into all sectors - driving up the cost of credit card debt, mortgages, auto loans and federal student loans. Consumers also got some relief in the form of falling gas prices, which dropped 3.6 percent from October to November.

Source: The Nation December 14, 2022 22:31 UTC