At this point raising rates late might not even bring inflation down.
What it does do is make borrowing cost MUCH higher now.
So anyone buying a house or car may think twice.
Companies have to pay higher interest on loans and bonds which lower profits. Bonds compete with stocks.
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Here's the thing.
Raising rates may not stop inflation or bring it down.
It might just ruin the economy and the stock market for the foreseeable future.
