Fed Raises Short-Term Interest Rate
The Federal Reserve Bank announced Tuesday that it would raise the short-term interest rate by a quarter percentage point, marking the third time this year the Fed has raised the rate.
The interest rate was raised by the Fed both to slow down the economy and curb inflation.
Also raised was the Fed's "fund" rate, or the amount banks lend to one another. In other news, the Policy Making Committee announced that it has shifted its intention for future rate hikes from a stance of "neutral" to "tightening." In plain English, this means that it does not desire to raise rates again any time soon.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.