U.S. President Joe Biden is expected to hold a news conference in Washington, D.C. on Thursday regarding details about the Inflation Reduction Act of 2022.

These remarks come after Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va) released preliminary details of a bill to address climate change, taxes, health care and inflation on Wednesday.

On Wednesday, the Federal Reserve also raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation. The Fed’s move will raise its key rate, which affects many consumer and business loans, to a range of 2.25 per cent to 2.5 per cent, its highest level since 2018.

The central bank’s decision follows a jump in inflation to 9.1 per cent, the fastest annual rate in 41 years, and reflects its strenuous efforts to slow price gains across the economy. By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. Consumers and businesses then presumably borrow and spend less, cooling the economy and slowing inflation.

For more info, please go to https://globalnews.ca/news/9019728/us-fed-rate-hike-july/

Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews #Biden #USeconomy