Fed hikes interest rate by half a percentage point, with benchmark rate projected to top out at 5.25%
(Worthy News) – The Federal Reserve on Wednesday raised its benchmark interest rate by half a percentage point and signaled more tightening next year as it continues to battle high inflation, a fight that’s expected to slow the economy and raise unemployment.
The half-point increase brings the federal-funds rate up to a range of 4.25%-4.5%, the highest level since 2007. The central bank has raised rates from a level of near zero in March to try to dampen inflationary pressures in the wake of the pandemic.
In new projections, Fed officials penciled in 5.25% as the top end for its benchmark rate. That’s higher than their September forecast of 4.75%. [ Source: MarketWatch (Read More…) ]
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Identity in Messiah is a 60-day devotional journey designed to help you exchange the world’s labels for Heaven’s declaration. Each devotional combines rich Biblical teaching, Hebraic insights, practical application, and carefully selected Scripture passages to lead you into a deeper understanding of your position in Messiah.
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