The Federal Reserve raised interest rates by 75 basis points — the biggest increase since 1994 — and Chair Jerome Powell said officials could move by that much again next month or make a smaller half-point increase to get inflation under control.
Slammed by critics for not anticipating the fastest price gains in four decades and then for being too slow to respond to them, Chairman Jerome Powell and colleagues on Wednesday intensified their effort to cool prices by lifting the target range for the federal funds rate to 1.5% to 1.75%.
“I do not expect moves of this size to be common,” he said at a press conference in Washington after the decision, referring to the larger increase. “Either a 50 basis point or a 75 basis-point increase seems most likely at our next meeting. We will, however, make our decisions meeting by meeting.”
The last visualization I tried was to really embrace the idea of time in the data. Instead of a map or bar chart or something else, I placed the state abbreviations around two clock faces. I know it sounds weird, but take a look at the final version.
I think this is a fun visualization, and it communicates more precisely the exact average starting times than the previous graphs. The two clocks could be combined to one, but I worry it’s not quite as clear, so I tried using the different colors to differentiate the two hours.
We are not born knowing instinctively how to read a bar chart or line chart or pie chart. Most of us learn those basic chart types in grade school. But there is a vast array of graphic types available that can effectively communicate your work to your audience.
To get you started, here are five graphs that perhaps you’ve never used before but that you should consider. They either do a better job showing certain types of data or they are more engaging and interesting than basic chart types.