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Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Federal Reserve hikes rates by 0.75%, biggest increase since 1994

  • By Al Mayadeen English
  • Source: Agencies
  • 15 Jun 2022 23:38
3 Min Read

The Federal Reserve approved the biggest interest rate increase since 1994 and expected more hikes this year at the fastest pace in decades as it races to combat inflation that is running at a 40-year high.

  • x
  • Federal Reserve forecasts US inflation at 5.2% in 2022.
    The exterior of the Marriner S. Eccles Federal Reserve Board Building in Washington, D.C., U.S. (Reuters, Sarah Silbiger)

On Wednesday, the Federal Reserve increased its target interest rate on Wednesday by three-quarters of a percentage point and estimated a slowing economy and more unemployment in the coming months.

"The Committee decided to raise the target range for the federal funds rate to 1-1/2 to 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate," the central bank’s Federal Open Market Committee (FOMC) said in a statement on its monthly rate decision for June.
 
The rate hike was the biggest since 1994, and US central bank officials warned of a faster rate hike in the future.

"Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices and broader price pressures," the statement added, noting that the committee "is strongly committed to returning inflation to its 2% objective."

A 75-basis-point increase for the 3rd time

The Fed announced a 75-basis-point or three-quarter percentage point increase in interest rates, the third since the outbreak of the coronavirus pandemic two years ago.

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"Seventy-five basis points seemed like the right thing to do at this meeting, and that's what we did," Fed Chair Jerome Powell said at a press conference after the decision was taken.

Moreover, Powell said a hike of either three-quarters of a point or a half point would "most likely" be the proper outcome of the next meeting of the central bank in July.

"The Committee decided to raise the target range for the federal funds rate to 1-1/2 to 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate," the FOMC said in the statement.

Inflation remains at 40-year-high

A downgrade to the Fed's economic outlook accompanied the tightening of monetary policy, and the economy this year is seen to be slowing to a below-trend 1.7% rate of growth, while unemployment is expected to be rising to 3.7% by the end of the year, and would continue to rise to 4.1% through 2024.

Senior investment strategist at Allspring Global Investments, Brian Jacobsen, stated that the Fed "is willing to let the unemployment rate rise and risk a recession as collateral damage to get inflation back down."

When Fed officials estimated in March they could increase the rates and control inflation with the unemployment rate remaining around 3.5%, inflation has remained at a 40-year high.

Inflation has become the Fed's most critical economic issue and has begun to shape the political scene too amid soaring prices of food and gasoline.

  • Federal reserve
  • US inflation
  • United States
  • Washington

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