https://www.foxbusiness.com/personal-finance/federal-reserve-rate-hike-july?
The Federal Open Market Committee (FOMC) announced Wednesday that it is raising the federal funds rate by 75 basis points, bringing the target range to 2.25% to 2.5%. This marks the fourth rate hike of this year.
The Federal Reserve previously raised interest rates by 75 basis points in June, marking the largest rate hike since 1994. It also raised interest rates by 50 basis points in May and by 25 basis points in March. And more rate hikes from the central bank are likely on the horizon.
“Recent indicators of spending and production have softened,” the Federal Reserve said in its statement. “Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.”
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