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CEO North America > News > Interest Rate Hikes Appear to be Slowing Inflation

Interest Rate Hikes Appear to be Slowing Inflation

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Interest Rate Hikes Appear to be Slowing Inflation
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Today’s report from the Commerce Departmen showed inflation was a little slower in October than it had been a year earlier. The report also showed that consumers spent more that month, even after adjusting for inflation. In plain terms, an assortment of goods and services that cost $100 a year ago costs $107.70 today. However, the savings rate in October fell to 2.3 percent — the lowest since 2005, as rising prices have forced many Americans to dip into their savings.

Meanwhile, In an effort to mitigate inflation, the Fed continues to raise interest rates. The Fed’s benchmark rate currently stands at 3.75% to 4%, up from close to zero in March. 2022 was the most aggressive year of interest rate hikes in over 30 years, and that impact will continue to affect the U.S. economy in 2023. These continual rate increases have slowed borrowing and cooled off the stock market. Many economists now cite low bond yields as a harbinger of an upcoming recession.

The Consumer Price Index (CPI) was released at 8:30 a.m. today. (Thursday, December 1) is a crucial report for the Federal Reserve, which meets in mid-December, and is widely expected to raise its fed funds target rate by another half percentage point. Analysts predict that interest rates will continue to rise in 2023.

Tags: CEOCEO North AmericaConsumer pricesinflation federal reserveinterest rates

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