- 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.
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Fed Raises Interest Rate Despite Recent Bank Collapse
WASHINGTON, DC - SEPTEMBER 21: U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve on September 21, 2022 in Washington, DC. Powell announced that the Federal Reserve is raising interest rates by three-quarters of a percentage point. (Photo by Drew Angerer/Getty Images)
