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The Fed’s interest rate hikes are going to hit the most vulnerable

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When the Federal Reserve board hiked interest rates by another three-quarters of a point this week, the move was widely applauded by the business press.

The rate hike showed the Fed’s commitment to fighting inflation.While this is arguably true, it also showed the Fed’s willingness to make the most disadvantaged groups pay the price for slowing a burst of inflation that they did not cause.

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