new Delhi. In the midst of ever-increasing inflation, the US central bank Federal Reserve is also going to give a big blow. The Federal Reserve may hike interest rates this month. The head of the US central bank, Jerome Powell, this month announced a hike in policy interest rates, which will be done for the first time in four years.
This decision of the US central bank will have a worldwide impact, after which central banks around the world, including the RBI, can increase interest rates. The effect of increasing the interest rates of central banks will be on your home and loan EMI (Home and Auto Loan EMI). That is, after increasing the interest rates, you will have to pay more EMI than before.
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Interest rates will increase for the first time since 2018
Powell said in his statement to the US Parliament that from this month the Federal Reserve will start increasing interest rates. Troubled by the rising level of inflation in America, the possibility of this move of the Federal Reserve was already being expressed. This will be the first time the Federal Reserve has raised interest rates since 2018.
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Meeting to be held on 15-16 March
Powell did not give much indication of how fast the US central bank would raise interest rates. The Federal Reserve’s meeting on March 15-16, 2022, is expected to take a decision to hike standard short-term interest rates. If this happens, then amidst the record rise in crude oil and rising inflation, the difficulties of the common people will increase further.
Inflation at record level
In the US, the rate of inflation in January has increased to 7.5 percent compared to 12 months ago. This is the highest level of inflation in four decades. According to data from the Labor Department, the increase in consumer prices reached 7.5 percent last month compared to the previous year. This is the highest level of annual growth since February 1982. Inflation rose sharply over the past year due to shortages of supplies and workers, more federal aid, ultra-low interest rates and strong consumer spending.
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