Federal Reserve keeps interest rates on hold…
Financial markets have become over reliant on central banks, a leading international body said on Sunday, as investors…www.theguardian.com
With September forecasts in, showing housing rents and healthcare as the main drivers of inflation, the Fed is declining any increases in interest rates, currently set at 0.5% — the continued low interest rates are raising concerns across a spectrum of NGOs and government watchdogs as cost of keeping inflation down is allowing large companies and financial markets access to cheap credit inflating their bottom lines and fueling a false sense of growth across the economy.
I am becoming increasingly concerned that this policy is, and has for some time, having negative impacts on labour. With so many Americans already paying anywhere between 6–26% for consumer credit, it is irrational to continue to allow banks to borrow at such low “costs” compared to the enormous barriers placed in front of consumers. For so many individuals trying to get access to small credit for personal purposes, growth would be better established within a system of reformed lending that sees individuals able to pursue self-investment over the high-risk, high-capital methods currently sustained by central bank policy.