United Church of God

Letter From Ben Light - June 17, 2022

Letter From Ben Light

June 17, 2022

Pastor's Corner - June 17th, 2022

This week, the Federal Reserve raised the prime interest rate 75 basis points, the highest rate increase since 1994, in the hopes of curbing the 8.6% inflation rate that the United States has been experiencing over the past several months. The last time we saw inflation rates at this level was 1981, and the interest rate was raised to 21% by June of that year in an effort to curb runaway inflation.

The Federal Reserve has taken a more hawkish tone in the past few FOMC meetings, after finally acknowledging that the increase needed to be more regular, and more significant in order to taper the growing inflationary pressures on consumers as a result of supply chain challenges, war in Europe, rising gas prices and other economic challenges.

Mortgage rates hit 5.78% which has begun to slow the white-hot housing market, with sellers beginning to reverse the trend of offers well over asking price in hot areas, seeing some price reductions for the first time in several years. It is likely, that we will see an additional cooling off period with the housing markets in the United States over the coming months and years.

401K and other similar long-term investment vehicles have taken a significant hit, with the S&P entering bear territory for the first time since February and March of 2020.

We live in interesting times, and as we see some of the pre-cursors to prophetic events that outlined in the Book of Revelation begin to take place with increased costs, food shortages, and more we recognize that we are in not just interesting times, but urgent times. 

Matthew 25 speaks of the need for us to watch, to remain vigilant spiritually - to ensure that our lamps are full of oil so that we are ready for what is to come. Brethren, let us all attend to this with urgency, preparing spiritually for the difficulties that are to come.

With Love,
Ben