The Fed's Decision to Hike Interest Rates Hurts Workers

The recent decision by the Federal Reserve to hike interest rates will negatively impact working-class Americans. This decision is an example of class warfare, as it disproportionately affects wages and workers. Higher interest rates lead to increased mortgage costs and higher refinancing fees, which directly impact the majority of Americans who have mortgages. The Federal Reserve's policies are not focused on addressing the main causes of inflation and instead target wages as the problem. This decision by the Fed, just days before the midterm elections, is seen as a political intervention that favors one party over another, further undermining the credibility of the Federal Reserve as an independent institution. It is crucial to hold the Fed accountable and address the harmful effects of its policies on working-class Americans.