Connect with us

Hi, what are you looking for?

Politics

JUST IN: Federal Reserve Raises Interest Rates by 75 Basis Points – Largest Hike Since 1994

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.“

CNBC reported:

The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994.

Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of 1.5%-1.75%, the highest since just before the Covid pandemic began in March 2020.

Additionally, members indicated a much stronger path of rate increases ahead to arrest inflation moving at its fastest pace going back to December 1981, according to one commonly cited measure.

The Fed’s benchmark rate will end the year at 3.4%, according to the midpoint of the target range of individual members’ expectations. That compares with an upward revision of 1.5 percentage points from the March estimate. The committee then sees the rate rising to 3.8% in 2023, a full percentage point ramp higher.

More from CNBC:

DEVELOPING…

The post JUST IN: Federal Reserve Raises Interest Rates by 75 Basis Points – Largest Hike Since 1994 appeared first on The Gateway Pundit.

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Economy

THE Department of Finance (DoF) said the international community must continue to aid low- and middle-income countries, noting the need for further support coming...

Politics

In May Dinesh D’Souza and Salem Media released the much-anticipated movie “2000 Mules” on the 2020 presidential election heist. The movie revealed how thousands of...

Economy

THE Philippines’ plans to develop its renewables industry will require an easing of land ownership restrictions currently in place for foreigners, Bain & Co....

Economy

THE Trade department said on Wednesday that the Philippines is ready to join the coalition to be formed by the members of the World Trade Organization...

Dislaimer: FutureMoneyFate.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2022 FutureMoneyFate.com All Rights Reserved. Spirit