U.S. Federal Reserve Board Hikes Interest Rates By 75 Basis Points as Inflation Increases (CTV News Canada)

“These higher prices are really going to sting. The idea of reducing the pressure for more economic activity by raising interest rates may help reduce the runaway inflation, but it comes with its own problems — including the higher cost to people who have loans and certainly a discouraging fact if they are thinking about buying a house,” said Stephen Farnsworth, professor of political science at the University of Mary Washington.