The Federal Reserve on Wednesday raised its benchmark interest rates by 75 basis points – or 0.75 percentage point – in its latest battle against Bidenflation.
This is the biggest increase since 1994.
“Overall economic activity appears to have picked up after edging down in the first quarter,” the Federal Open Market Committee said in a statement. “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 energy prices, and broader price pressures.“