Fed Raises Rates A Quarter Point, Expects ‘Ongoing’ Increases
View Source | February 1, 2023 2:09 pm
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- The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter percentage point and gave little indication that it is nearing the end of this hiking cycle.
- Aligning with market expectations, the rate-setting Federal Open Market Committee boosted the federal funds rate by 0.25 percentage point. That takes it to a target range of 4.5%-4.75%, the highest since October 2007.
- The move marked the eighth increase in a process that began in March 2022. By itself, the funds rate sets what banks charge each other for overnight borrowing, but it also spills through to many consumer debt products.
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