The Fed Goes High

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Last week the Federal Reserve Board raised interest rates for the third time in the last year and a half. This move did not get nearly as much attention as it deserves. The decision to raise interest rates was a conscious decision to slow the rate of economic growth and job creation. It will raise interest rates that people pay on credit cards, car loans, home mortgages and other types of debt. It will also raise the cost of borrowing for businesses looking to invest and state and local governments borrowing for infrastructure. As a result, we will see less spending and borrowing and therefore...

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