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this post was submitted on 20 May 2024
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It'd really be great if journalists even attempted "educating" readers or providing meaningful context. But then again, would it get this kind of traction?
The interesting story here is that interest rates are raised to SLOW spending and encourage saving. The interest rates spiked to CURB inflation. It has worked, despite most journalists seeming keenness for it not to, for the most part. If consumers and businesses reduce their spending due to higher costs of borrowing, this will bring down prices over time, aligning with the Fed's inflation targets.
No one explains this to the average person, ever. Ironically, the story here should be consumers are spending money even when saving it should be incentivized because they can't afford not to... because of profiteering by large companies, grocery chains, etc as well as stagnate wages for the past few decades. This means that inflation will creep up faster than it should because of demand-driven inflation. This makes the problem worse for low-income earners.
It seems to me that THAT type of inflation might require less of an "interest rate adjustment fix", and more of a wage adjustment fix. Even potentially a regulatory fix to go after price gougers.