The Federal Reserve officials said they would raise their benchmark interest rates by 0.75 percentage point to a range of 3% to 3.25%. In keeping with their “higher for longer” rhetoric, the central bank doesn’t see any rate cuts until 2024.
The Federal Reserve on Wednesday continued their aggressive fight against high inflation, agreeing to the third straight super-sized interest rate hike and saying that rates are going to go sharply higher before the end of the year.
In a statement, the Fed said job growth has been “robust” even with modest economic growth. “The FOMC is strongly committed to returning inflation to its 2% target,” the statement said. According to new projections from the Fed, the central bank will reach its inflation target in 2025. The Fed’s new forecast details that pain – projecting higher unemployment and lower growth than in their prior projections in June.
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