![](https://www.wjbc.com/wp-content/uploads/sites/389/2021/08/0819Rueidi.jpg)
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].