Interest rate hike ahead of holiday shopping season has Denver shoppers thinking twice before buying gifts

Denver shoppers say they will purchase less holiday gifts compared to last year following the Federal Reserve's fourth interest rate hike in six months. via bayanwang

The Federal Reserve announced another federal funds interest rate increase Wednesday — the fourth consecutive three-quarter point hike this year. The effective federal interest rate is now at 4% for the first time since late 2007. Interest rates peaked at 5.25% in late 2006 and early 2007, roughly a year before the U.S. entered a recession."Because of this higher prices on necessities, it is very important that we keep raising the interest rate.

"We've had periods where we've had high inflation, but we haven't necessarily had periods where we've had high inflation along with serious supply chain issues and the [pandemic] and a serious war going on that's affecting Russia, Ukraine and Europe, especially. And we just haven't had all of those challenges occurring at the same time," Clause said.

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