Federal Reserve raises interest rates by 25 basis points
(Worthy News) – The Federal Reserve on Wednesday raised interest rates by 25 basis points, issuing an 0.25% hike in line with earlier expectations in a move that signals a rate slowdown in the Fed’s fight against inflation.
The Fed said in a statement that its Federal Open Market Committee “anticipates that ongoing increases in the target range” will still be necessary “in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time,” a sign that the central bank will be looking to more rate hikes in the near future.
In determining future hikes, the FOMC “will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments,” the bank said. [ Source: Just the News (Read More…) ]
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