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The Guardian - US
The Guardian - US
Business
Gene Marks

The biggest challenge facing US small businesses? Rising interest rates

Interest Rates US Federal Reserve
A Tibetan restaurant in New York. ‘The high rates are causing many to re-think their inventory purchases, investments and hiring.’
A Tibetan restaurant in New York. ‘The high rates are causing many to re-think their inventory purchases, investments and hiring.’ Photograph: Richard Levine/Alamy

The Federal Reserve chair, Jerome Powell, has been warning for some time that it takes time for interest rate rises to filter through to the real economy. Well, here we are.

Since March, 2022 the Fed has increased its federal funds rate – the rate it charges to its member banks to access money – from 0.25% to 5%. That’s a 20-fold increase in just a year. The Fed meets again this week – and may raise rates again.

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