The rose its benchmark interest rate by half a percentage point on Wednesday, one day after figures showed prices up 7.1 percent year-over-year. The hike was smaller than the Fed's last four straight jumbo 0.75 percent hikes. Wednesday's increase was the seventh this year and set rates at 4.25 to 4.5 percent, the highest in 15 years - further increasing borrowing costs for businesses and consumers. Chair Jerome Powell, who is leading the central bank on a tight line between tamping down inflation and triggering a recession, promised there would be 'some pain' for Americans as the Fed tried to cool off the market.
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