The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and signaled it may pause further increases, giving officials time to assess the fallout from recent bank failures, wait on the resolution of a political standoff over the United States debt ceiling, and monitor the course of inflation.The unanimous decision lifted the US central bank’s benchmark overnight interest rate to the 5 percent to 5.25 percent range, the Fed’s tenth consecutive increase since March 2022.But the accompanying policy statement dropped language saying that its rate-setting Federal Open Market Committee still “anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.”
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