Biggest Rate Increase Since 1994
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 16 June 2022
⏱️ 14 minutes
🧾️ Download transcript
Summary
The biggest interest rate hike since 1994, plus, with some student loan debt still in the picture, what's the best way to utilize $160,000 in cash we're currently sitting on?
Have a money question? Email us, ask jill [at] jill on money dot com.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Transcript
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| 0:49.2 | Welcome to the Jill on Money Show. |
| 0:51.2 | So it is Thursday, June 16th. |
| 0:54.8 | And we had a Federal Reserve meeting yesterday. |
| 0:57.3 | The Fed raised interest rates by three quarters of one percentage point, 75 basis points. |
| 1:03.4 | The new range is one and a half to 1.75%. |
| 1:07.2 | This is pretty significant because we haven't had a 75 basis point increase since back in 1994. |
| 1:13.4 | And you know, it was just six weeks ago at the May Federal Open Market Committee meeting. |
| 1:19.2 | And the Fed had a increased rates by a half a percentage point. |
| 1:23.3 | And the Fed Chair Powell in his press conference said, ready for this? |
| 1:27.8 | Quote, a 75 basis point increase is not something the committee is actively considering. |
| 1:33.7 | Well, they have considered it and they've done it. |
| 1:36.4 | So this is a pretty important move. |
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