The Federal Reserve on Wednesday issued its smallest interest rate hike since June as the central bank attempts to curb high inflation without derailing a surprisingly resilient economy.
The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for monetary policy, bumped up the bank’s baseline interest range by 0.5 percentage points Wednesday to a span of 4.25 to 4.5 percent.
After issuing four straight rate hikes of 0.75 percentage points earlier in the year, the Fed’s smaller Wednesday increase marks a turning point in its battle with high inflation.
Even so, U.S. households will still see rates on mortgages, auto loans, and credit cards rise well into next year. And Fed leaders have pledged to keep interest rates high until inflation is finally quashed for good
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