Evidence Relationship: Supports
Vote on whether "Consumer credit card interest rates reached 22.8% by December 2023, up from 16.3% in January 2022." is good evidence that supports the claim "The Federal Reserve raised the federal funds rate 11 times between March 2022 and July 2023."
Sources for this evidence:
Evidence Claim
Consumer credit card interest rates reached 22.8% by December 2023, up from 16.3% in January 2022.
Elevated borrowing costs reduced consumer spending capacity, decreasing aggregate demand pressure on prices.
Main Claim
The Federal Reserve raised the federal funds rate 11 times between March 2022 and July 2023.
The Fed implemented aggressive rate increases totaling 525 basis points in 16 months, the fastest tightening cycle since the 1980s, directly targeting inflation reduction.
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