Never Mind the President. Forget About Congress. Here is who is raising your cost of living today.
In a few hours the cost of owning a home will go up. Car buying will cost more. The bottom line of any business using debt financing will suffer. Anyone owning bonds will see a capital reduction.
All because Janet Yellin and her Federal Reserve partners will decide to raise interest rates by a quarter point. No Congressional action needed. No signature by the President required. No Supreme Court review. After she announces the decision banks will instantly raise what they charge borrowers . No waiting period for this.
And who elected the Federal Reserve? Nobody.
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