U.S. private payrolls beat expectations in October – ADP
One AmericaNov 25, 2022
The Facts
Citing continued inflation, supply and demand issues, and food and energy prices, the US Federal Reserve (Fed) announced on Wednesday that it's raising rates by another 0.75%, bringing the central bank's benchmark rate to the 3.75% - 4% target range.
The bank also signaled plans for further hikes, though likely in smaller increments, with major US stock indexes falling in the wake of the announcement. At the center of market valuation reactions was a more than 3% drop in the Nasdaq Composite.
The Spin
Republican narrative
While even Democrats like Elizabeth Warren continue to point out the Fed's failed interest rate plan, Jerome Powell is still pushing ahead despite the inevitable job loss it will cause. All the while, the White House keeps making empty statements about "stable and steady growth" as their constituents face a devastating economy.
Democratic narrative
Though many may not remember, the economic crisis of the early 1980s saw inflation even worse than today's, and it was interest rate hikes that brought it down. No one is at fault for Putin's war in Ukraine or the pandemic, but we all, unfortunately, have to endure temporary hardship to fight this crisis as quickly as possible.
