Fed Raises Interest Rate 1/4 Point Amid High Inflation, Bank Collapses
View Source | March 22, 2023 2:17 pm
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- The Federal Reserve announced Wednesday it will again raise interest rates – this time by a quarter of a point as it is juggling whether another rate hike will help cool the U.S. economy while still keeping the U.S. banking system secure.
- “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-3/4 to 5 percent,” the Fed said Wednesday. The increase is slightly less than the 0.5% that was projected in December.
- The central bank has aggressively raised interest rates over the past year, bringing down inflation significantly from its summer peak, according to ABC News.
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