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2023-03-23 Economy
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Fed Increases Rates another 25 basis points
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[CNBC] The Federal Reserve on Wednesday enacted a quarter percentage point interest rate increase, expressing caution about the recent banking crisis and indicating that hikes are nearing an end.
Along with its ninth hike since March 2022, the rate-setting Federal Open Market Committee noted that future increases are not assured and will depend largely on incoming data.
DJ was up slightly at about 2pm, fell about 700 points after the Fed's announcement
The current Fed rate of about 5% is pretty near the 30 year average at this point. Unfortunately, inflation is still too high however so it is reasonable to expect another rate hike or two or three
Direct Translation via Google Translate. Edited.
The Federal Reserve System of the United States of America raised the federal funds rate by 25 basis points to 4.75-5.0%. This is the highest value since 2006.
"The [Open Market Committee] aims to achieve maximum employment and 2% inflation over the long term. In support of these goals, the committee decided to increase the target range of the federal funds rate to 4.75 - 5.0%," TASS quotes the regulator.
Prior to this, at its first meeting following the results of January 2023, the US Federal Reserve decided to raise the key federal funds rate to 4.50-4.75%. The next increase was approved unanimously, the regulator said in a statement.
The reason for the increase was the desire to achieve "maximum employment and inflation at 2% in the long term" . The rate hike was called justified in the context of the country's monetary policy.
Before the first increase in 2023, as REGNUM reported , the key US federal funds rate increased in December to 4.25-4.5% per annum, which was noted as the highest level in 15 years.
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Posted by lord garth 2023-03-23 00:00||
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Posted by Tom 2023-03-23 14:30||
2023-03-23 14:30||
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