The US Federal Reserve raised interest rates by half a percentage point on Wednesday and projected at least an additional 0.75 percent of increases in borrowing costs by the end of 2023 as well as a rise in unemployment and a near stalling of economic growth.The United States central bank’s projection of the target federal funds rate rising to 5.1 percent in 2023 is slightly higher than investors expected heading into this week’s two-day policy meeting and appeared biased if anything to move higher.Only two of 19 Fed officials saw the benchmark overnight interest rate staying below 5 percent next year, a signal they still feel the need to lean into their battle against inflation that has been running at 40-year highs.
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