The latest Inflation report released by the Bureau of Labor Statistics has sent Shockwaves through the Financial World. The report showed that Prices had Surged by 5.4% in January from a Year ago which was more than expected. This has raised fears over what the Federal Reserve may have to do to Control the rising prices.
Thank you for reading this post, don't forget to subscribe!The news sent the Dow, S&P 500 & NASDAQ tumbling to end the Week. The Federal Reserve is now under even more pressure to bring down the prices that are Skyrocketing. This is not good news for the economy as it means that borrowing money could become more expensive for those Looking to buy a new home or pay off their Credit Card balance.
The Feds preferred Index for Inflation rose by 5.4% in January which was more than expected. Even when you take out rising food & energy prices the index still accelerated by 0.7% after feeling for several months. This is a major concern for the Fed as it shows that Consumers are still buying products like cars, appliances & TVs even as the price tags have gone up.
The problem is that the Fed is trying to slow down Spending which is the Opposite of what it needs to do to cool off those high prices. When they meet next month they are going to have to be more aggressive to tackle this Stubborn Inflation. That means that borrowing money could get even more expensive for those looking to buy a new Home or pay off their Credit Card balance.
Mortgage rates are already taking Off. If you are trying to take Out a fixed 30 year $350,000 loan you are going to be spending about $560 more every month than at this time Last Year. This is bad News for anyone Looking to buy a home or refinance their Current Mortgage.
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The good news is that those higher Interest rates mean that you could be earning more on your money in the bank especially if you have a high yield savings account. This Could be a good time to start thinking about Saving Money Instead of Spending it.
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The Latest Inflation report is a Wake up call for the Federal Reserve. Prices are Surging & The Fed is Under Pressure to do something about it. This could mean that borrowing money becomes more expensive for those Looking to buy a home or pay off their Credit Card balance. Its Important to start thinking about saving Money & Preparing for a potentially more Expensive Future.
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