Fed Raises Rates To Highest Rate In 16 Years

On Wednesday, the Federal Reserve increased interest rates by a quarter of a percentage point and indicated that it may hold off on further increases.

The move is aimed at allowing officials time to evaluate the consequences of recent bank collapses, monitor inflation trends, and wait for the resolution of the political standoff over the U.S. debt ceiling.

The decision was unanimous, raising the central bank’s benchmark overnight interest rate to the 5.00%-5.25% range, marking the tenth consecutive increase since March 2022. The new rates are the highest seen since 2007. The Fed’s rate hike campaign since last year has been the most aggressive since the 1980s.

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