In a statement released yesterday, the US Federal Reserve Open Market Committee announced a 0.75% increase in its benchmark interest rate.

At a press conference immediately following the FOMC meeting, Fed Chairman Jerome Powell said "It is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all."

For most US consumers, this decision is bad news, as higher mortgage rates and credit-card interest rates will be piled on top of the skyrocketing prices for gasoline and heating fuel occasioned by the war in Ukraine.

Will reduced disposable household incomes result in cutbacks on leisure travel? Watch this space.