Credit Card Rate Cap and FOMC Subpoena Causes Volatility

Credit Card Rate Cap Proposal

Legislators are proposing a cap on credit card interest rates, aiming to protect consumers from high borrowing costs. This initiative seeks to limit rates to 15%, potentially impacting millions of Americans struggling with debt.

FOMC Subpoena Issued

The Federal Open Market Committee (FOMC) is facing a subpoena related to its monetary policy decisions. This legal action could shed light on the committee’s deliberations during recent rate hikes and the implications for future policies.

Market Volatility Resurfaces

Market volatility has returned as investors react to mixed earnings reports and economic data. The Dow Jones dropped 250 points, reflecting concerns about inflation and its impact on consumer spending in the upcoming months.