The Federal Reserve raised the target range for its benchmark interest rate by 0.25% and left the door open for more rate hikes this year.
for its benchmark interest rate by 0.25% on Wednesday and left the door open for more rate hikes this year.
Wednesday's rate hike marks the central bank's 11th increase since March 2022 and comes after the Fed held rates steady in June. In its statement on Wednesday, the Fed signaled future rate hikes will be contingent on the impact of previous rate hikes on the economy and financial developments. The decision was unanimous.
"The process of getting inflation back down to 2% has a long way to go," Fed Chair Jay Powell said in a press conference Wednesday. Powell added that bringing down inflation "is likely to require a period of below-trend growth and some softening of labor market conditions." Asked Wednesday whether the Fed plans to raise rates on an every-other meeting basis after holding rates unchanged in June, Powell said, "We haven't made a decision to go to every other meeting. It is not something we looked at. We will go meeting by meeting ... asking ourselves the same questions."Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting in Washington, DC, on July 26, 2023.
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