Fed hikes interest rates to 22-year high after June pause 

Shannon Thaler / NEW YORK POST / Business 

 

The Federal Reserve on Wednesday took its foot off the brakes and hiked interest rates yet again — taking them to a 22-year high.

Fed Chairman Jerome Powell announced the unanimous decision for a quarter-point hike, raising the benchmark federal-funds rate to a range between 5.25% and 5.5%. 

It marked the 11th increase in the past 12 meetings following last month’s brief pause.

The hike sent the benchmark rate to its highest point since 2001 — and Powell signaled that another increase is possible before the year’s out as officials continue to wrestle with stubbornly-high inflation.

“The process of getting inflation back down to 2% has a long way to go,” Powell said at a press conference following the decision.

“We think we’re going to need to hold, certainly, policy at restrictive levels for some time, and we’d be prepared to raise further if we think that’s appropriate.”. Read more and see video here.

Hunter Biden's rejected plea deal puts Justice Department in hot seat

'Something is rotten in the state of Delaware, and the judge sniffed it out today,' one critic said

Joe Schoffstall , Brooke Singman , Jake Gibson | Fox News  

 

President Biden's Justice Department is facing heat over developments that transpired during Hunter Biden's first court appearance on Wednesday. 

Hunter Biden's plea deal fell apart, and he pleaded "not guilty" as federal prosecutors confirmed he's still under federal investigation. The president's son was expected to plead guilty to two misdemeanor tax counts of willful failure to pay federal income tax as part of the plea deal to avoid jail time on a felony gun charge.

Critics have since set their sights on the Justice Department following the development. Mike Howell, director of the Oversight Project at the Heritage Foundation, said that "something is rotten in the state of Delaware, and the judge sniffed it out today."

"We're thrilled her reasoning tracked with the arguments we laid out in our brief to the Court," Howell told Fox News Digital. "Hunter Biden won't be able to use this sweetheart plea deal as a get out of jail free card for any charges...Read more and see video here.