Local Financial Advisor: Interest rate hike “pretty historic move by the feds”

Posted on September 22, 2022
Chris Ruedi, a financial advisor with Savant Wealth Management spoke with WJBC’s Blake Haas. (Photo courtesy: Savant Wealth Management) is a Financial Advisor with Savant Wealth Management. (Photo courtesy: Savant Wealth Management)

By Blake Haas

BLOOMINGTON – To stave off inflation, the Federal Reserve raised interest rates on Wednesday by another three-quarter of a percentage point.

According to Chris Ruedi, a Financial Advisor at Savant Wealth Management, the move was expected.

“This is some pretty historic move by the feds, and I think it underscores and really emphasizes how serious the inflation issue is. That’s where I think you see the markets really respond negatively.”

As inflation sits at staggering highs, Federal Reserve Chairman Jerome Powell indicated this week the feds would continue to increase rates until inflation dissipates.

“It’s not a surprise on the size of the move, but I think again now having to digest kind of a new plan that the fed has had because they are stepping it up in terms of how aggressive they want to be to combat this inflation,” Ruedi said on the afternoon show, which airs weekdays from 4 – 6 p.m.

On the news, the Dow Jones Industrial Average dropped 522 points at the close on Wednesday.

Blake Haas can be reached at [email protected].

Blogs

Labor Day – Expanding voting rights for all

By Mike Matejka Because of COVID, there is no Labor Day Parade this year.  It’s always a great event for our everyday workers to march proudly down the street and enjoys the festive crowd. If there had been a parade, this year’s Labor Day theme was to be “150 years of struggle: your right to vote.” …

Is federal mobilization the answer?

By Mike Matejka As President Donald Trump threatens to send federal marshals into Chicago, over the objections of Illinois Governor J.B. Pritzker, recall another Illinois Governor who protested the incursion of armed federal personnel into the city.   Those federal troops, rather than calming, escalated the situation, leading to deaths and violence. Illinois poet Vachel Lindsay…

In these troubled times, to my fellow white Americans

By Mike Matejka Our nation is at a unique watershed in human relations. African-Americans have been killed too many times in the past before George Floyd, but the response to this man’s death is international and all-encompassing. I was a grade-schooler during the Civil Rights 1960s. I watched Birmingham demonstrators hosed and the Selma – Montgomery…

Workers’ Memorial Day – Remember those whose job took their life

Looking around our community, when we say employer, most will respond to State Farm, Country, or Illinois State University.   We too often forget those who are building our roads, serving our food, or our public employees. COVID-19 has made us more aware of the risk.  Going to work every day for some people means…