Economic Professors Say Fed Rate Hike Should Slow Inflation

Economic Professors Say Fed Rate Hike Should Slow Inflation

The Federal Reserve announced the rate hike on March 16. Typically, the Federal Reserve targets 2% as the nation's inflation rate, which has crept up nearly 6% since early early last year. Officially known as the federal funds rate, the Federal Reserve rate is the interest rate banks pay to borrow and lend to one another.