WASHINGTON —
Most economists expect the Federal Reserve to jack up its borrowing rate another half-to-three-quarters of a point when it meets next week. Fed policymakers have signaled that much higher interest rates ma be needed to reign in stubborn, four-decade high inflation. The central bank already raised its benchmark rate by a half-point in May and another three-quarters of a point last month, the biggest single hike since 1994.Rapidly hiking rates risks tossing the U.S.
Higher borrowing rates have sidelined many house hunters and cooled what was a red-hot housing market, one of the most important sectors of the economy. The National Association of Realtors said Wednesday that sales of previously occupied U.S. homes slowed for the fifth consecutive month in June. “Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand,” said Sam Khater, chief econmist for Freddie Mac. “As a result of these factors, we expect house price appreciation to moderate noticeably.”
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