BREAKING: The Fed's hiked its benchmark rate by 0.5 percentage point, lifting its target rate into a range between 4.25% and 4.5% — the highest level in 15 years.
The Federal Reserve has raised interest rates for the seventh time this year, while signaling that it is moving more cautiously as the U.S. economy slows.its benchmark rate by 0.5 percentage point on Wednesday, lifting its target rate into a range between 4.25% and 4.5%The half-percentage-point increase marks a step-down from a string of bigger interest rate hikes this summer, when the Fed made four consecutive 0.
Notably, policymakers indicated they plan to keep raising rates, but suggested they would proceed more slowly than this year. "We may have to raise rates higher to go where we want to go. That's why we're running down the high rates and why we're expecting they'll have to remain high for a time," he said.
"As for the future course of policy, officials now expect a higher peak funds rate next year to be followed by rate cuts in 2024 and 2025," Rubeela Farooqi, chief U.S. economist with High Frequency Economics, said in a report."The Fed has now moved to phase two of its rate hiking cycle, shifting from a front-loading approach to a slower pace of rate increases until rates are in a sufficiently restrictive stance.
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