BREAKING: The Fed is raising interest rates another quarter point, bringing it to the highest level in 16 years.
The Federal Reserve raised its key interest rate another quarter of a percentage point on Wednesday in its ongoing bid to crush inflation, but indicated it could pause the increases to assess the impact of monetary tightening on the U.S. economy.it would raise its benchmark rate to a range between 5% and 5.25%, the highest level since 2007. The increase is the 10th straight interest-rate hike since last March in what has been the most aggressive rate-hiking regime since the 1980s.
In its statement issued Wednesday, the Federal Open Markets Committee signaled this could be the last increase, deleting a reference to"future increases" that appeared in prior statements and noting that"Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation."
Fed Chair Jerome Powell is set to address reporters at 2:30 p.m. Eastern time, when he will lay out his latest outlook for the economy.
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