The Federal Reserve raised its interest rate by 0.25% on Wednesday, and Fed chair Jerome Powell stated that the job is still not done. FOMC Economy
Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process 'Early,' Says Powell
The U.S. Federal Reserve raised its benchmark federal funds rate by 0.25% on Wednesday after markets priced in near 100% certainty the Federal Open Market Committee would codify the quarter-point increase. The FOMC statement further detailed that ongoing rate increases are anticipated to bring inflation down to the target range of 2%.The central bank of the United States raised the federal funds rate on Wednesday, increasing it by 0.25% to the current range of 4.5% to 4.75%.
“The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the FOMC statement details. “In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent. The committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.
The federal funds rate has been increased eight consecutive times and is now at its highest level in about 15 years. The Federal Open Market Committee has stated that “ongoing increases” would be appropriate at every meeting since March. Market analysts and investors have shown conflicting signals over the Fed rate hikes, with some expecting the central bank to soften its stance, and others anticipating that Jerome Powell will continue to raise the benchmark interest rate.
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