JUST IN: Federal Reserve Raises Interest Rates to Highest Level in 22 Years
The Federal Reserve on Wednesday approved another interest rate hike, bringing the benchmark rate to a 22-year high.
All panel members of the Federal Open Market Committee (FOMC) approved the 25 basis point rate hike.
The Fed left the door open to additional rate increases!
The 25 basis point rate hike (0.25%) brought the benchmark federal funds rate to 5.25% to 5.5% – the highest level since 2001.
Wednesday’s rate hike is the 11th increase since March 2022 when the benchmark rate was near zero.
#Fed raised interest rates to the highest level in 22yrs as expected and left the door open to additional increases as officials fine-tune their effort to further quell #inflation.
