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1 1 (August 4, 2022)

handle is hein.crs/goveich0001 and id is 1 raw text is: Congressional SaResearch Service ~ nforrmng the Ieg I tive debate since 19 4 Rising Interest Rates: Economic and Policy Implications August 4, 2022 Interest rates have risen significantly since the beginning of 2022 (see Figure 1). This is partly because of tighter monetary policy-the Federal Reserve (Fed) has increased its federal funds rate (the short-term interbank lending rate) target range from 0%-0.25% in March to 2.25%-2.5% in July 2022 in an attempt to reduce inflation, as required by its statutory mandate. But long-term rates have increased even more than the federal funds rate in 2022 and started rising before March. And the rise in long-term interest rates in 2022 has been global, although less pronounced than in the United States. Figure I. Selected Interest Rates January 1972 to June 2022 Source: FRED. Congressional Research Service https://crsreports. congress.gov IN11979 CRS INSIGHT Prepared for Members and Committees of Congress - 18 16 14 12 4 2 --Federal Funds Rate --30 Year F xed Mortgage -- 0 Ye arTreasury --AAA Corporate Band a ie,1 f

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