BREAKING: The Federal Reserve raised its benchmark interest rate by a quarter percentage point and gave little indication that it is nearing the end of this hiking cycle.
aggravated rising gas prices, while unprecedented fiscal and monetary stimulus fueled increasing costs across a variety of goods and services., butter is up more than 31% and lettuce has jumped 25%, according to Labor Department data through December. Gas prices were ticking lower toward the end of 2022 but have popped higher in recent days, hitting $3.50 a gallon nationally for an increase of about 30 cents over the past month, according to AAA.
Fed officials have remained resolute about tackling inflation, though they have said recent numbers show pressures could be easing. The on a monthly basis and is up 6.5% from a year ago – down from the peak of 9% last summer but still well above where the Fed feels comfortable.Along with the rate hikes, the Fed has been reducing the holdings in its bond portfolio. That has resulted in a reduction of about $445 billion since June, as the Fed has targeted a capped level of $95 billion in maturing bonds it is allowing to roll off each month rather than reinvest.
The balance sheet reduction has been the equivalent of about 2 percentage points of additional rate hikes, according to the San Francisco Fed. The balance sheet is still at more than $8.4 trillion.December FOMC meeting , committee members indicated they see the"terminal rate," or point where the Fed thinks policy is sufficiently restrictive, as 5.1%. Markets are betting that number is closer to 4.75%, and they expect the Fed to start cutting rates later this year, after one more quarter-point increase in March.
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