Fed Approves Fourth Consecutive Rate Hike

Fed Approves , Fourth Consecutive , Rate Hike .

On November 2, the Federal Reserve approved a fourth straight rate hike of three-quarters of a percentage point.

.

On November 2, the Federal Reserve approved a fourth straight rate hike of three-quarters of a percentage point.

.

CNN reports that the hike comes as part of the Fed's aggressive efforts to bring down record inflation.

The hike brings the central bank's lending rate to a target range of 3.75% to 4%.

.

According to CNN, it's the highest the Fed funds rate has been since January of 2008.

The decision, which comes following a two-day policy meeting of the Federal Open Market Committee, is likely to deepen the economic pain of millions of Americans.

CNN reports the move could also trigger a recession.

According to the agency's November statement, the Fed , “anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.”.

In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments, Federal Open Market Committee statement, via CNN.

CNN reports that mortgage rates have reached levels unseen in almost 20 years, while the sale of newly-constructed homes is down 17.6% from last year.

Meanwhile, job openings surged in September, with 1.9 job openings for every available worker.