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Today, the Federal Reserve announced a fourth consecutive 75 basis point interest rate hike, continuing the central bank’s battle against inflation. These hikes have yet to reverse the course of inflation: prices remain far too high for comfort. But it takes some time for the impact of tightening policy to seep through the economy. The true effects of higher interest rates are yet to be felt.
Housing Hurt
So far, these interest rate hikes have slowed the housing market: mortgage rates have increased, pushing home sales and construction of new homes down. The housing market was running too hot
