Federal Reserve Announces Rate Hike Of 0.75%

Federal Reserve Announces Rate Hike Of 0.75%

The Federal Reserve announced an interest rate hike of 0.75% on Wednesday afternoon.

As inflation remains elevated and core inflation — the price level increase for all items except for food and energy — continues to rise, the central bank’s decision signals that officials are prioritizing a cooldown in cost pressures, even with potential declines in economic activity.

“Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low,” the Federal Reserve’s Board of Governors said in a statement. “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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