Fed hikes interest rate by half a percentage point, with benchmark rate projected to top out at 5.25%
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(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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