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Thursday, June 16, 2022
The 75-basis point hike – the first since 1994 – underscores just how serious Fed officials are tackling the inflation crisis after a string of alarming economic reports. The move puts the key benchmark federal funds rate at a range between 1.50% to 1.75%, the highest since the pandemic began two years ago.
Officials also laid out an aggressive path of rate increases for the remainder of the year, with new economic projections released after the two-day meeting showing that policymakers expect interest rates to hit 3.4% by the end of 2022, which would be the highest level since 2008. Read more here.
But in another less-obvious way, electricity rates have also been spiking under Biden. There’s no illuminated sign on the corner showing the price Americans pay per kilowatt hour, but the burden of increasing residential electricity rates is hitting wallets.
Townhall reviewed the latest available data from the U.S. Energy Information Administration (EIA) to find which states’ electricity costs made the biggest jumps by comparing average residential retail price of electricity (RRPE) in cents per kilowatthour between January 2021 and March 2022 when Biden took office — and…Read more here.