As expected, the Federal Open Market Committee hiked the benchmark interest rate by 3/4 of a percentage point at the end of their two day meeting.
Ongoing failed attempts by the Biden administration and Congress to get worries about the economy and a recession out of the minds of voters leading into the mid-term elections are failing miserably as prices of everyday basics continue to soar for many already living paycheck to paycheck.
Industry leaders, including JP Morgan Chase CEO are predicting the economy may take a turn worse than a recession. Mass layoffs have already been announced at many large companies across a variety of industries.
Despite economic sanctions against Russia by the LBMA, world leaders from Brazil, India and other mineral rich developing nations are looking towards the Moscow World Standard as an alternative precious metals exchange.
In response the economic sanctions, Russia took steps to back the ruble with gold earlier this year. Leaders of developing nations are seeing how returning to a gold-standard economy may help deflect repercussions of the recession and other issues facing the US and Europe.
Key Points
- NY Post: Fed hikes interest rates by a sharp 0.75 percent despite recession fears
- Kitco: Gold price jumps as Fed’s Powell talks chance of recession and restrictive rates
- Forbes: Russia’s Move To Gold May Jolt Your Company
- NBC: Weekly Grocery Price Tracker
- Kitco: Russia is looking into its own gold standard after LBMA ban