Fed Authorizes Biggest Interest Rate Hike In 22 Years To Fight Inflation Amid 'Violent' Stock Sell-Off

Wednesday afternoon it would raise the federal funds rate, which is the target interest rate at which commercial banks borrow and lend reserves, by 50 basis points to a target range of 0.75% to 1%—a widely expected move following aThe increase—the largest since May 2000—was approved unanimously and comes after Fed Chair Jerome Powellinflation is"much too high" in late March and pledged to"move expeditiously… to restore price stability.

For months, Fed policymakers signaled they would begin raising rates in March, but the pace and intensity of expected rate hikes has grown amid relentlessly strong inflation and criticism that the central bankannounced it would begin reducing the size of its balance sheet by as much as $47.5 billion per month beginning on June 1, and as much as $95 billion per month starting in September.

Despite a choppy day of trading, stocks ticked up immediately after the announcement, with the Dow Jones Industrial Average climbing 138 points, or 0.4%, to 33,266 points by 2:10 p.m. ET, while the S&P also added 0.4%.“Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Federal Reserve issues biggest interest rate hike in 22 years; Coloradans hope inflation comes downAmericans should prepare to pay higher interest on their loans. On Wednesday, the Federal Reserve raised its benchmark rate in an effort to curb rising prices for things like food, gasoline and even lumber. via CB_Cotton CB_Cotton lol i don't think i'll be paying back loans
Source: DenverChannel - 🏆 239. / 63 Read more »

Billionaire Paul Tudor Jones: 'It's Hard Not to Want to Be Long Crypto' – Featured Bitcoin NewsBillionaire hedge fund manager Paul Tudor Jones expects crypto to have a bright future as the Fed hikes interest rates to fight inflation. Thank you very much_,,,! ࠭࠭ What do you think about the current Bitcoin state, since its Fear and Greed Index is 40 - MILD FEAR at the moment, with price of 39697.864900928417 usd? Our analytical team has done a detailed analysis regarding BTC, but we want to hear your opinion too.
Source: BTCTN - 🏆 531. / 51 Read more »

Fed expected to aggressively raise interest rates to tame inflationThe Fed is expected to raise interest rates this week with the biggest jump in more than 20 years as the central bank tries to get control of historic inflation.
Source: FOX26Houston - 🏆 448. / 53 Read more »