Bill O'Reilly here Thursday June 16th, 2022.

You are listening to the O'Reilly update.

Here's what's happening across our nation.

The feds raise interest rates to slow inflation.

Adults take on more debt than any other time in history.

Half the country says America has poor values.

Most families will take a road trip this summer.

So ahead will Hispanic voters abandon the Democratic Party?

But first, the Federal Reserve hiking interest rates by three quarters of a point, the biggest

increase since 1994.

Economists hope the move will slow the rate of inflation by making money harder to get.

Consumers now pay 9% more for goods and services than they did just one year ago, 9%.

The fed chairman Jerome Powell on avoiding a recession quote, the events of the last

few months have raised a degree of difficulty and created great challenges.

Can we still do it?

We just don't know.

Unquote not encouraging.

Americans now carrying more debt than any other time in history.

As of June, U.S. households owe $15 trillion to lenders, mostly from credit cards, loans,

home mortgages, high prices, couple with shrink flation, pushing the actual rate of inflation,

close to 11%, which is a disaster for everybody.

The average household spends $8,000 every year just on interest payments.

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