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Interest rates hike by 75 points, largest increase since 1994

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After a meeting of the Federal Open Market Committee led by Chairman Jerome Powell on Wednesday, the Federal Reserve raised interest rates by 75 basis points. The decision its “the single largest increase in nearly thirty yeas as inflation soars” writes National Review. 

The group announced it intends to bring the rate to a range of 1.5 percent to 1.75 percent in the short-term. “Of the eight-member committee, seven voted in favor of the hike while one member, Esther George, President of the Federal Reserve Bank of Kansas City, voted against the increase, preferring that it be 0.5 percent instead.”

The hike represents the largest since 1994, when then-Chairman Alan Greenspan “led a similar increase in anticipation of high inflation during an economic recovery.” Inflation too has reached record highs, hitting its peak level since 1982, currently at 8.6 percent, according to the latest federal Consumer Price Index report (CPI).

Powell is in his second term after President Biden re-nominated him to the chairman’s post. Powell has said the Federal Reserve would do “whatever it takes” to curb inflation. However, the move will likely have detrimental implications for individual borrowing and will “likely lead to higher interest rates on loans of consumers and businesses.”

8.6 percent “is a figure for which the Biden Administration has received considerable criticism, with its policy actions – i.e., the nearly $2 Trillion American Rescue Plan’s Covid relief spending and ongoing efforts to transition U.S. energy supply away from fossil fuels – being directly cited as exerting demand-pull effects on consumer prices” reports National Review.

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Economy

Illegal migrants refuse to leave Denver encampments, make demands of city including ‘fresh, culturally appropriate’ food and free lawyers

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A group of illegal immigrants in Denver is not only refusing to leave encampments, but also have the audacity to take no actions until the city meets its demands. The migrants were organized enough to publish a document with 13 specific demands before they “acquiesce to Denver Human Services’ request to leave the encampments and move to more permanent shelters funded by the city” reports Fox News.

Demands were made following the Denver government obtaining a petition to have the migrants moved, according to the outlet. The Denver mayor has been under pressure from the city’s ongoing migrant crisis, making headlines and receiving stiff backlash earlier this year for proposing budget cuts to the city’s government, including cuts to the city’s police force, to fund more money for dealing with the city’s migrant crisis.

The list of demands was sent to Mayor Mike Johnston and included requests for provisions of “fresh, culturally appropriate” food, no time limits on showers and free immigration lawyers, the outlet reported. Further details of the demands read, “Migrants will cook their own food with fresh, culturally appropriate ingredients provided by the City instead of premade meals – rice, chicken, flour, oil, butter, tomatoes, onions, etc… Shower access will be available without time limits & can be accessed whenever… Medical professional visits will happen regularly & referrals/connections for specialty care will be made as needed.”

The migrants also insisted they get “connection to employment support, including work permit applications for those who qualify,” as well as “Consultations for each person/family with a free immigration lawyer.” The migrants insisted that if these are not met, they will not leave their tent community.

“At the end of the day, what we do not want is families on the streets of Denver,” Jon Ewing, a spokesman for Denver Human Services, told Fox 31.

The current encampment is situated “near train tracks and under a bridge,” Fox 31 noted, adding that it has been there for the last couple of weeks.

Ewing told Fox 31 the city just wants “to get families to leave that camp and come inside,” noting its offer will give migrants “three square meals a day” and the freedom to cook.

He also said the government is willing to work with people to compromise and help them figure out what kind of assistance they qualify for.

Ultimately, Ewing said, the city wants to work with migrants to determine, “What might be something that is a feasible path for you to success that is not staying on the streets of Denver?”

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