Fed raises interest rates by a quarter point amid high inflation and bank collapses
(Worthy News) – The Federal Reserve announced Wednesday it will again raise interest rates – this time by a quarter of a point as it is juggling whether another rate hike will help cool the U.S. economy while still keeping the U.S. banking system secure.
“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-3/4 to 5 percent,” the Fed said when announcing the rate hike. The rate was 4-1/2 to 4-3/4 percent, but Wednesday’s increase is slightly less than the 0.5% that was projected in December.
“Inflation remains well above our longer-run goal of 2%,” Reserve Chairman Jerome Powell said at the conclusion of the bank’s two-day monetary policy meeting. [ Source: Just the News (Read More…) ]
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