The Federal Reserve is raising a key interest rate in an effort to tame inflation, in the Fed's most aggressive move in 22 years.
Prices are up dramatically at grocery stores. Oil and gas prices are continuing to rise with no end in sight, causing serious pain at the pump."This is probably going to be the most aggressive rate-tightening cycle we've seen by the Fed since the 1980s," said Diane Swonk, chief economist at Grant Thornton.
However, realtors said this is a double whammy. Not only are mortgage rates rising, meaning buyers have less to offer, but the shortage of homes on the market means demand is up and prices are rising.
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