The hike, the Fed’s 11th in its last 12 meetings, set the benchmark overnight interest rate in the 5.25% to 5.50% range, a level last seen just prior to the 2007 housing market crash and which has not been consistently exceeded for about 22 years.
Key price measures are still increasing at more than double the Fed’s target. While inflation has been easing, that has so far happened with little apparent cost to the labour market, where the unemployment rate remains at a low 3.6%. “My base case is that we will be able to achieve inflation moving back down to our target without a really significant downturn that results in high levels of job losses,” Powell said.
In their most recent projections, issued at the end of the June meeting, 12 of 18 policymakers said they anticipated at least one more rate increase would be needed by the end of this year for financial conditions to be restrictive enough to ensure inflation continued to decline.
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.
Source: staronline - 🏆 4. / 75 Read more »
Source: msianinsight - 🏆 8. / 63 Read more »
Source: msianinsight - 🏆 8. / 63 Read more »