Fed Approves 1st Rate Hike in 4 Years

“The Federal Reserve raised its short-term rate target for the first time since 2018 at its March meeting. More importantly, it clearly signaled that additional hikes are coming, with the median FOMC member expecting to raise rates at each of the remaining six meetings in 2022. With the unemployment rate below 4%, inflation nearing 8%, and the war in Ukraine likely to put even more upward pressure on prices, this is what the Fed needs to do to bring inflation under control." --MBA Chief Economist Mike Fratantoni.