Hello and welcome. It is Eric Erickson here. Across the nation from my flagship station,

WSP in Atlanta, Georgia. Glad to have you with me. I hope the weather is beautiful where you are and

not as humid as it is here. My gosh, I had to be with Brian Kilmead this morning. It's 630 on Fox and Friends,

and it was already like 150,000 percent humidity.

I went over Lake Lanier north of Atlanta and my windshield just, I had to turn on the windshield wipers.

There was no rain.

It was clear sky.

It's just foggy moisture.

It's just so humid.

The phone number 877979737475. There is breaking news I have to get to right here.

The Federal Reserve has raised interest rates another 75 basis points. That is, three-quarters of a percent.

The Fed's tightening a monetary policy is intended to bring down inflation, which they see continuing to go up.

This has been a two-day meeting of the Federal Open Markets Committee.

It raised his target for short-term interest rates to 2.25 percent from 2.25 percent. The highest since 2019 is the fourth rate height of the year.

The officials at the Fed have signaled more rate increases are on the way.

The policy committee saying that it, quote, anticipates that ongoing increases and the target range will be appropriate.

They elected not to raise rates by a full percentage point. Some thought they might, given the really high inflation numbers in June,

as of mid-June leaders of the central bank expected rates to rise another full percentage point to

the mid-3 range by the end of the year. Now, this is from

Axios. This is important. The language in the statement about spending and production

indicator softening is the most explicit acknowledgement the economy is slowing. The rate

increase campaign is intended to slow demand, so in that sense, softening spending reflects the policy. The statement notes that job

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