Decades-high inflation gets a decades-high rate hike
The Federal Reserve announced its largest interest rate hike since 1994, but consumer spending may already be cooling. Plus, no side wants to give an inch in the U.K.’s unit-of-measurement debate.
US Federal Reserve Chair Jerome Powell departs after speaking at a news conference on interest rates, the economy and monetary policy actions, at the Federal Reserve Building in Washington, DC, June 15, 2022. - The Federal Reserve announced the most aggressive interest rate increase in nearly 30 years, raising the benchmark borrowing rate by 0.75 percentage points on June 15 as it battles against surging inflation. The Fed's policy-setting Federal Open Market Committee reaffirmed that it remains "strongly committed to returning inflation to its 2 percent objective" and expects to continue to raise the key rate.
There are a lot of variables that make predicting energy demand in 2023 difficult, including rising interest rates, inflation and potential COVID flare-ups.
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