The last time the Fed raised rates was on June 29, 2006. At that time, the total US federal debt was $8.4 trillion. Today the total debt of the US federal government is $18.7 trillion, a 123% rise!
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The Magic Number Seven: Fed May Raise Rates Seven Years to the Day of Rate-Drop to 0% | The Dollar Vigilanteually raised rates was on June 29th, 2006… nearly a decade ago!
Back then, rates were over 5%.
The reason rates haven’t been raised nor ever will be raised substantially (0.25% doesn’t really count!) is because of the following chart.
<span>The last time the Fed raised rates was on June 29, 2006. At that time, the total US federal debt was $8.4 trillion. Today the total debt of the US federal government is $18.7 trillion, a 123% rise!
With a debt of $18.7 trillion, if interest rates were allowed to rise to where they last peaked in 2006, at 5.25%, that would mean nearly $1 trillion per year in interest payments owed a Summary
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