The Federal Reserve raised short-term interest rates Wednesday by a quarter percentage point, bringing its benchmark rate to a new range of 4.50% and 4.75%, the highest level since October 2007.
In its statement on Wednesday, the central bank acknowledged the slowdown in inflation as the Fed continues to assess the impact its interest rate hikes have had on consumer prices over the last year.
The 25 basis point rate hike marks a further slowdown in the Fed’s pace of rate increases after the…
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