Business, Finance & Tech
Federal Reserve Increases Interest Rate, Impacts on Desert Businesses
“We’ve been affected by the interest hikes and how they have affected the prices in our supply chain and cost of goods,” Chef Tanya Petrovna said, owner of Chef Tanya’s Kitchen.
Interest rates are up, again.
Wednesday morning, the Federal Reserve raised its interest rate by another three quarters of a percentage point.
Rate hikes at this pace, with matching back to back hikes in two months, hasn’t been seen since the 1980s.
This has affected numerous businesses, especially in the mortgage industry.
“Who’s refinancing right now? You know, not too many people,” Lucas Coronel, owner of Hacienda Home Loans Inc., explained. “If you’ve got a three and a quarter interest rate, why would you want to touch that and move it and get a current five and a quarter? So for us, yes, we’re being affected from a refinance standpoint.”
But, it’s not just this industry that’s feeling it.
“Well, businesses are being affected,” Chef Tanya Petrovna shared.
She says while these hikes are putting a strain on their business, they are trying to keep prices low.
“What we’re going to do for it at this time is really going to try to keep everything steady,” she explained. “We, of course, will incrementally increase pricing, but we’re going to try to hold back as much as we can to keep our customers coming and feeling comfortable.”
Now all they can do is wait.
“With this fed increase today, we haven’t really seen any movement in interest rates,” Coronel continued. “Day of, sometimes there’s no movement, and today that seems to be kind of the case. Hopefully it doesn’t sell off and increase tomorrow or the next day.”
“I have to wait and see how my customer base will be affected by their purchases or any kind of loans they’ve taken,” Chef Tanya Petrovna said. “It’s really going to be a day by day watch.”
The central bank is hoping to slow growth, but not enough to cause a recession.
Chair Jerome Powell says the economy is going in the right direction to reduce inflation.
By: Carmela Karcher
July 27, 2022
Latest Instagram Posts
More than 1,000 runners and walkers took on the “World’s Toughest 6K” at the 39th annual Palm Springs Aerial Tram Road Challenge! 🏃♀️🏃♂️ Cathedral City’s Amelio Chio claimed the overall win in 28:08, while Jade Belzberg took first place in the women’s division with a time of 30:42. Local athletes from across the Coachella Valley also made their mark on the challenging course! #PalmSprings #TramRoadChallenge #CoachellaValley #Running #RoadRace NBCPalmSprings
Who makes the NBC Top 3, winner will be announced Sunday night on NBC Palm Springs, with the player who makes the number one spot winning a $250 prize from @hondaofthedesert! Comment below if it will be 1) Damian Walls extending the play for the TD, 2) Aiden Pope with the 100 yard pick-six, 3) Adam Tremper breaking tackles for the TD, 4) Trey Boulton snagging the contested catch, or 5) Devin Session with the TD throw on the run #hondaofthedesert #fnl #fridaynightlights #fyp #highschoolfootball
We’re in Palm Desert this morning as demonstrators gather for the No Kings rally, joining a nationwide day of protests and calls for political accountability. We’re talking with people at the rally about why they’re here and what they hope their voices will accomplish. Events are taking place across the country, with organizers also encouraging voter participation ahead of the election. Follow NBC Palm Springs for more voices and scenes from today’s rally. #NBCPalmSprings #PalmDesert #NoKings #CoachellaValley #Protest CommunityVoices
We’re in Cathedral City this morning for the No Kings: Vote Early event, joining communities across the country focused on getting voters to the polls. We’re talking with people here about why they came out and what motivated them to participate. Nearly 3,000 events are taking place nationwide to encourage early voting and civic engagement. Stay with NBC Palm Springs for local voices and perspectives from today’s event. #NBCPalmSprings #CathedralCity #NoKings #VoteEarly #CoachellaValley CommunityVoices
“NO KINGS: VOTE EARLY”: Residents gathered at Palm Springs City Hall for the “No Kings: Vote Early” event, sharing what brought them out and why making their voices heard matters. #NoKings #PalmSprings #CoachellaValley #VoteEarly #civicengagement
Meet Gavin, aka “Banana Boy”! The Coachella Valley Firebirds fan favorite stopped by Very Caliente to share how his love of Fortnite inspired his iconic Peely costume — and his signature dance to “Peanut Butter Jelly Time” on the jumbotron. And yes, we finally got to see the face behind the banana! #NBCPalmSprings #VeryCaliente #CVFirebirds #BananaBoy #CoachellaValley
The #NorteFire is spreading near San Juan Capistrano and San Clemente. Fire crews are working to contain the blaze as conditions develop. Stay tuned to NBC Palm Springs for updates. #NorteFire #SouthernCalifornia #Wildfire #SanJuanCapistrano SanClemente NBCPalmSprings
Strong winds are expected across Southern California today, with speeds reaching 25 to 35 mph. Officials warn of possible falling trees, downed power lines and hazardous driving conditions, especially for high-profile vehicles. Southern California Edison says emergency crews will be on standby for possible power outages. If you see a downed power line, stay away and call 911. #SouthernCalifornia #CoachellaValley #WindAdvisory #PowerOutage #SouthernCaliforniaEdison NBCPalmSprings
Sordid Lives is returning to Palm Canyon Theater October 30 through November 15! Playwright Del Shores joins NBC Palm Springs’ Tod Macofsky to talk about the beloved production and its long history in the Coachella Valley. Want to see the show? NBC Palm Springs is giving away two tickets! Enter on the promotions page at NBCPalmSprings.com. #SordidLives #DelShores #PalmCanyonTheater #PalmSprings #CoachellaValley DesertEntertainment NBCPalmSprings
🗣️ NO KINGS DEMONSTRATIONS ARE COMING BACK TO THE COACHELLA VALLEY! Thousands of demonstrations are planned nationwide Saturday, including FIVE right here in the Valley. Organizers say the goal is to help eligible voters prepare for the polls and know their rights. 📍 Events are planned in Palm Springs, Cathedral City, Palm Desert and Indio. Will you be hitting the streets this weekend? 👀 #NoKings #CoachellaValley #PalmSprings #Indio #CaliforniaNews