Despite the Federal Reserve apparently attempting to be more open and engaging with the American people, the public’s knowledge of the United States central bank is still rather limited. And that shows in a new survey.
WalletHub, a personal finance website, published the results of its “Fed Rate Hike Survey,” and the findings were concerning.
According to the study, nearly half (44 percent) of polled Americans do not know when the Fed last raised interest rates, more than one-third of respondents say rate hikes are bad for the national economy and 50 percent think higher rates make mortgages more expensive.
There was some home, however, as 14 percent of Americans think the Federal Reserve should be abolished. Obviously some more work needs to be done. End the Fed!
Here is an infographic from the website:
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The survey was conducted between June 26 and July 3.
The 14% likely represents the pct of Americans that actually understand the Fed and it’s unconstitutional existence.