Black Americans feel disproportionate pain from high interest rates
Written by Black Hot Fire Network on January 7, 2023
The federal government’s efforts to stanch inflation are disproportionately impacting Black Americans.
The Federal Reserve has hiked interest rates in the hopes of cooling off a red-hot economy, but its actions are hitting Black Americans — who have historically been squeezed out of home ownership and affordable loans — the hardest.
Fed interest rate hikes are meant to slow consumer and business spending by making debt more expensive, including mortgages. Mortgage rates rise as the Fed hikes its baseline interest rate higher, making monthly home payments more expensive for anyone seeking a new home or . . .
