Are the Federal Reserve interest rate hikes working to fight inflation?

LYNCHBURG, Va. (WSET) — In an effort to fight inflation, the Federal Reserve raised the interest rates for the sixth time this year.

You may be wondering, is this inflation-fighting tactic working?

Nancy Hubbard, Dean of the School of Business at the University of Lynchburg weighed in.

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She said inflation isn't under control yet, but she is cautiously optimistic that this will help reign in inflation.

"Fingers crossed, it's working, we are still seeing a growth in GDP for the quarter, which is great, considering that we've had this increase in rates," Hubbard said.

She said it is unprecedented to see this rise in rates this quickly. She said we should be able to see if it's working in about six months.

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However, Hubbard said inflation is not increasing as bad as it was.

She also said the federal reserve has hinted they will likely raise the rates again, but not at such an extreme level.