With this hike, unanimously approved by the 12 members of the Fed committee, the benchmark federal funds rate is between 2.25% and 2.50%.
In a policy statement following the conclusion of a two-day meeting, Central Bank officials acknowledged signs of a slowdown in economic activity since their last meeting in June which saw a similar increase.
“Recent spending and production indicators have softened. Nonetheless, employment gains have been robust in recent months,” the statement said.
In a policy statement following the conclusion of a two-day meeting, Central Bank officials acknowledged signs of a slowdown in economic activity since their last meeting in June which saw a similar increase.
“Recent spending and production indicators have softened. Nonetheless, employment gains have been robust in recent months,” the statement said.
Speaking at a press conference, Fed Chairman Jerome Powell stressed that the labor market is “extremely tight and inflation is way too high.”
This is the fourth successive increase in interest rates in the United States since March, the most aggressive pace since the 1980s. The last increase of 0.75 points dates back to 1994.
(With MAP)