U.S. Fed hikes rates by 75 basis points to double down on inflation

Fed opts for 75-basis-point rate hike, flags weakening economic data — via financialpost Economy inflation

Policy makers, facing the hottest cost pressures in 40 years, lifted the target for the federal funds rate on Wednesday to a range of 2.25 per cent to 2.5 per cent. That takes the cumulative June-July increase to 150 basis points — the steepest since the price-fighting era of Paul Volcker in the early 1980s.

The Fed will also slow the pace of increases at some point, Powell said. In addition, he said officials would set policy on a meeting-by-meeting basis rather than offer explicit guidance on the size of their next rate move, as he has done recently.Article contenttap here to see other videos from our teamThose comments sparked a rally in U.S. stocks as Powell spoke, with Treasury yields tumbling along with the dollar.

Higher rates are already having an impact on the U.S. economy. The effects are particularly evident in the housing market, where sales have slowed.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

nationalpost /  🏆 10. in CA

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. Fed hikes rates by 75 basis points to double down on inflation\u0027Ongoing increases\u0027 in borrowing costs are still ahead despite evidence of a slowing economy, the U.S. Federal Reserve said. Find out more.
Read more »

U.S. Fed hikes rates by 75 basis points to double down on inflation\u0027Ongoing increases\u0027 in borrowing costs are still ahead despite evidence of a slowing economy, the U.S. Federal Reserve said. Find out more.
Read more »

U.S. Fed hikes rates by 75 basis points to double down on inflation\u0027Ongoing increases\u0027 in borrowing costs are still ahead despite evidence of a slowing economy, the U.S. Federal Reserve said. Find out more.
Read more »

U.S. Fed raises rates by 75 basis points to double down on inflation - BNN BloombergU.S. Federal Reserve officials raised interest rates by 75 basis points for the second straight month, delivering the most aggressive tightening in more than a generation to curb surging inflation -- but risking a sharp blow to the economy.
Read more »

CNN Poll: 75% of Democratic Voters Don’t Want Biden as the 2024 CandidateNo matter how much Biden and his minions sugarcoat it, he is in big trouble in 2024 if he runs.
Read more »