With the paces of the rate hikes in major economies, including the U.S., accelerating, we also hiked the Base Rate to 3.25%. It is true that rate hikes increased difficulties among the people, but they were an unavoidable choice to prevent high inflation from becoming entrenched and the economy as a whole from suffering a greater loss in the long-term.
And, as these communities thrive, the marketplace as a whole becomes more effective and efficient.3 Clearly, life-long financial education and the ready availability of decisionmaking tools and assistance are essential to this process. This process also makes clear why the City of Virginia Beach and the Federal Reserve share an interest in your economic well-being.