(Fed's historic rate hike has Triangle Businesses Bracing) By: Triangle business journal
The fed's biggest rate hike in nearly three decades has business owners in the Raleigh and Durham area bracing for impact but maintaining long term optimism. Triangle business owners are eyeing Washington - bracing for impact but maintaining long - term optimism as the Fed hikes interest rates again. The Federal Reserve on Wednesday raised rates by 0.75 percentage points, the biggest single increase since 1994 as the fight to slow inflation ramps up and the economy teeters. In May, the Feds raised interest rates for the first time since 2018. Daniel McQuade, CEO of Raleigh -base know seafood, calls the last round of Covid- related stimulus in 2021 "really bad timing." Now we're paying for it, "he said. "You can't just print money." He equates the Fed's move Wednesday as "tapping the brakes," and is hopeful it will slow down the rising costs that are putting more pressure on his business and the consumers buying his products. It's a...