Rate: Increases to 13 percent
The details: The Fed gradually boosts the federal funds rate from late May to mid-July to 13 percent in an effort to curb inflation during a recession mainly triggered by soaring energy prices. The U.S. unemployment level hits 7.2 percent by the end of the year.
More On The Economy:
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
Feeling lost in the mortgage wilderness?