Wealth Has Been Transferred — Out the Window

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The Federal Reserve’s decision-making body, the Federal Open Market Committee, raised its key interest rate on Wednesday by three-quarters of a percentage pointIt was the biggest rate increase for the U.S. central bank since 1994. It won’t be the lastThe Fed Funds rate, now between 1.5% and 1.75%, will rise by a half and three-quarters of a percen…

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