The Federal Open Markets Committee (FOMC) meeting on September 21, 2022 resulted in a third consecutive rate hike of 75 basis points. At the time, June and July’s outsized hikes were the largest seen since 1994. This additional rate hike will cause prime rates to increase to 6.25% from the current prime rate of 5.50%. There has been growing pressure on the Fed to rapidly increase interest rates, especially as the US inflation rate remains close to the highest level in over 40 years.