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Federal Prime Rate Increased to 5.5%
The FED holds eight regularly scheduled meetings per year. During these meetings, the FED Committee reviews financial and economic conditions, assesses the risk to its long run goals of price stability and sustainable economic growth. Due to 2022 economic and financial conditions in the last two meetings they decided to increase the rate in 0.75 percentage point in each one of the meetings, to achieve a 2.5% increase just in 2022. The increase take the funds rate to its highest level since December 2018. Fed will hold 3 more meetings in the remainder of 2022 and according to our analysts, in each of these three meetings there will be new rate increases.
The Fed’s rate hike will impact millions of U.S. businesses and households by raising the cost of mortgages, auto and other loans, as well as credit cards, to force a slowdown in the economy.