Fed raises interest rates by a quarter point to fight inflation
The Fed is trying to fight inflation and achieve maximum employment.
The Federal Reserve Bank on Wednesday raised interest rates a quarter of a point again in an effort to cool inflation.
"The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5 to 5-1/4 percent," the Fed said in an announcement about the rate hike. The rate was 4-3/4 to 5 percent.
The decision puts interest rates at their highest in 16 years.
The Fed has aggressively raised interest rates over the past year in an effort to bring down historic inflation, but the collapse of three major U.S. banks over the past two months has caused concerns about how the rate hikes will affect banks.
Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.
Just News, No Noise
- Joe Biden bribery allegations involve Ukraine, first raised with FBI in 2017, key investigator says
- Christian man arrested for quoting Bible verse at pride event
- Matt Gaetz introduces resolution to hold former Trump probe prosecutor Mark Pomerantz in contempt
- J6 Unmasked: Security footage confirms Capitol door opened, allowing 300 to enter building freely
- FBI harbored Biden allegations since 2017, through impeachment, election, lawmaker says