The Federal Reserve’s actions will impact every sector of the economy as it tries to tamp down the impact of inflation, CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak said Wednesday. Stverak spoke with WDUN’s Martha Zoller the same day the Fed decided to raise interest rates 75 basis points.  

Stverak said these actions are “meant to put more brakes on the economy, making access to money harder, basically trying to put out the ‘forest fire’ of inflation,” he said.

He also noted that consumers and families continue to deal with rising costs for things like food an energy, and credit unions continue to work with members on solutions.

“Credit unions and community-based institutions are working with their members to as they deal with the challenges of the current economy,” he said.