The Forgotten Man

Two line charts showing rate increases since 2017. Chart subtitle: A higher fed funds rate also means higher mortgage, auto, and credit card rates. First chart description: Federal Funds Rate line is in teal and Prime Rate line is orange. Y-axis shows percentages ranging from 0% to 7%. X-axis shows time, beginning at October 2017 with yearly labels to current October 2022. Period of March 2022 to present is highlighted with a transparent green rectangle overlay. Both lines follow generally the same pattern of increases and decreases, with the Prime Rate 3% or so higher/above the Fed Funds Rate. After a gradual increase from October 2017, the rates were steady for the first half of 2019, then decreased gradually before sharply decreasing to near zero for the Fed Funds Rate and 3.25% for the Prime Rate from March 2020 to March 2020. Since then, both have increased markedly, with the Fed Funds Rate currently at 3.08% and the Prime Rate at 6.25%. Second chart description: Credit Card Rates line is purple, Mortgage Rates line is blue, and Auto Rates line is tan. Both Credit Card and Auto rates utilize quarterly data; Mortgage rates is weekly. Four axes total. X-axis at top of chart is labeled Mortgage Rate Timeline and ranges from October 2017 to October 2022, with yearly increments. X-axis at base of chart is labeled Auto and Credit Card Rate Timeline and ranges from August 2017 to August 2022 in yearly increments. Y-axis at left is labeled Auto and Credit Card rates and ranges from 0% to 25% in 5% increments. Y-axis at right is labeled Mortgage Rates and ranges from 0% to 8% in 1% increments. Period of March 2022 to present is highlighted with a transparent green rectangle overlay. Credit Card Rates line is highest in plot area, beginning in August 2017 at 13.08% and climbing steadily to a peak of 15.09% in February 2019, remaining near that level til May 2020 and hovering in the 14% range until climbing back up again beginning in March this year, to 16.2% as of August 2022. Mortgage rates line fills center of plot area and has most peaks and valleys. Rates climbed from October 2017 to a peak of 12.75% in December 2018, then fell relatively steadily til January 2021 (2.65%), climbed a bit up from there and hovered near 3% until March of this year, and have sharply increased since, currently at 6.92% as of October 13. Auto rates line has hovered generally between 4.5% and 5.5% for entire period of chart. In November 2021, the rate was a recent low of 4.58% however it has climbed since then, with the October 2022 rate at 5.52%, the peak for the time period shown. Chart source: Federal Reserve Bank of St. Louis as of October 13, 2022. End chart description.

Posted on October 19, 2022October 19, 2022 Full size 1911 × 1033

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