The Federal Reserve announces three potential rate hikes next year. Joe Biden can't convince Joe Manchin

to join his suicide squad, and Nancy Pelosi defends insider trading for Congresspeople.

I'm Ben Shapiro. This is The Ben Shapiro show.

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slash Ben. Well, it looks as though the reality of the financial situation is beginning to sink in.

According to the Washington Post, the Federal Reserve made its strongest move yet toward tackling inflation on Wednesday,

moving up the timeline for what could be as many as three interest rate hikes next year.

Three.

Okay, so if you're president of the United States, generally speaking, the last thing you want

is the Federal Reserve hiking interest rates right before midterm election.

That's pretty much the worst thing that could happen, except for it happening in your re-elect year yourself. But when the Federal Reserve hikes interest rates, this makes it more expensive for banks to take on debt. When banks can't take on debt, they can't lend to you at lower rates. Your mortgage rates go up. Your loan rates go up. It means less velocity in terms of the money flow in the economy. Well, when you've got inflation, the Federal Reserve, of course, has to raise those interest rates because you have price inflation

and wage inflation and it's spiraling out of control. People's savings are worth less. It's

hard for people to actually get commodities. Production is not keeping up with demand and all the

rest of this. And so the Federal Reserve has to cut back on some of that to prevent these giant bubbles from happening.

Well, the problem is that the statistical ramifications of that for the administration and power are usually quite dire.

Because whenever you ramp up the interest rates, they generally work in inverse proportion to the unemployment rates.

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