The Federal Reserve is taking baby steps to combat the price inflation it has caused. From Mike Whitney at unz.com:
Yes, the Fed raised rates by 50 basis points in May and, yes, the Fed is trying to sound as “hawkish” as possible. But these things are designed to dupe the public not to reduce inflation. Let me explain.
The current rate of inflation in the US is 8.6%, a 40-year high.
At its May meeting, the Fed raised its target Fed Funds Rate to 1%. Here’s the scoop:
“The Federal Reserve recently announced that it’s raising interest rates by half a percentage point, bumping the federal funds rate to a target range of 0.75-1.00%.” (The Spokesman-Review)
Got that? So the Fed’s rate is still a measly 1%. That’s what the media is trying to hide from you, and that’s why you might have to read 9 or 10 articles before you find a journalist who provides you with the actual rate.