Fed Approves , Fourth Consecutive , Rate Hike .<br />On November 2, the Federal Reserve <br />approved a fourth straight rate hike <br />of three-quarters of a percentage point. .<br />On November 2, the Federal Reserve <br />approved a fourth straight rate hike <br />of three-quarters of a percentage point. .<br />CNN reports that the hike comes <br />as part of the Fed's aggressive efforts <br />to bring down record inflation.<br />The hike brings the central bank's <br />lending rate to a target range <br />of 3.75% to 4%. .<br />According to CNN, it's the highest <br />the Fed funds rate has been <br />since January of 2008.<br />The decision, which comes following a two-day policy <br />meeting of the Federal Open Market Committee, is likely <br />to deepen the economic pain of millions of Americans.<br />CNN reports the move could <br />also trigger a recession.<br />According to the agency's November statement, the Fed , “anticipates that ongoing increases in the target range <br />will be appropriate in order to attain a stance of <br />monetary policy that is sufficiently restrictive <br />to return inflation to 2 percent over time.”.<br />In determining the pace of future increases <br />in the target range, the Committee will take <br />into account the cumulative tightening <br />of monetary policy, the lags with which <br />monetary policy affects economic <br />activity and inflation, and economic <br />and financial developments, Federal Open Market Committee statement, via CNN.<br />CNN reports that mortgage rates have reached levels <br />unseen in almost 20 years, while the sale of <br />newly-constructed homes is down 17.6% from last year.<br />Meanwhile, job openings surged in September, <br />with 1.9 job openings for every available worker.
