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During a meeting on Wednesday, The Federal Reserve raised benchmark interest rates by 75 basis points. This is the first time they have made such a move in nearly three decades and it is being done in an effort to stop inflation, which is beginning to put a financial strain on many Americans.

When State Representative Kevin Hern came to our KWON Studios in April, he was concerned we might be experiencing the very thing that we are today.

Hern said he understands the challenges that Americans are currently facing.

Following the meeting, The FED released a statement saying in part that inflation is still elevated and that reflects an imbalance in supply and demand in relation to the pandemic, higher energy prices and broader price pressures.