Federal Reserve Raises Interest Rates to Highest Level in 22 Years
(Worthy News) – The Federal Reserve raised the federal funds rate by 25 basis points at the July Federal Open Market Committee (FOMC) policy meeting, lifting the target range to 5.25 and 5.50 percent. Rate-setting Committee members voted unanimously for the policy decision.
Interest rates are now at their highest levels since March 2001.
“Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low,” the FOMC said in a statement. “The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain.” [ Source: NTD (Read More…) ]
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