The Federal Reserve has raised its benchmark interest rate to the highest range in 22 years. The central bank isn’t sure it has gotten rates high enough to begin to cool inflation.
The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter of one percentage point and signaled it is prepared to do more to bring ‘elevated’ inflation down.
None of the changes to the statement send a clear signal of a plan to move to the sidelines. It keeps the central bank’s options open.The Fed has raised interest rates aggressively over the past 16 months to try to get the cost of money high enough to begin to cool inflation. The central bank isn’t sure it has gotten rates high enough, what they say is “restrictive” to growth.
There will be four major indicators —July and August reports for employment and consumer inflation — before the next Fed meeting in September.
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