by Peter Schiff, Schiff Gold:
As expected, the Federal Reserve raised interest rates by 50 basis points at the December Federal Open Market Committee (FOMC) meeting. That pushed the federal funds rate to 4.5%. The last time rates were this high was in 2007. That’s bad news for an economy addicted to easy money.
While the pace of rate hikes slowed, the messaging coming out of the Fed was substantially the same as the November meeting.