Tuesday, November 5

US Fed Raises Funds Rate By Quarter Basis Point

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July 26, 2023—Citing ongoing concerns about elevated inflation, the U.S. Federal Reserve announced today it is raising its Federal Funds rate by a quarter of a basis point to 5.25 to 5.50 percent.

Fed Chair Jerome Powell said the economy is weathering the monetary-policy tightening well, and the Federal Reserve is committed to achieving its target of 2 percent inflation.

The current U.S. inflation rate is hovering right around 3 percent.

The key to whether the Fed’s Board of Governors would begin cutting rates, Powell said, would be when inflation comes down in a credible fashion, not when the rate hits 2 percent. He doesn’t see the inflation rate dipping down to its 2 percent target until 2025 or thereafter, Powell said during the press conference.

interest rates, US Fed Raises Funds Rate By Quarter Basis Point, Global Economic Report
US Fed Raises Funds Rate By Quarter Basis Point, Global Economic ReportCopyright secured by Digiprove © 2023 Patti Mohr
interest rates, US Fed Raises Funds Rate By Quarter Basis Point, Global Economic Report

Patti Mohr

Patti Mohr is a U.S.-based journalist. She writes about global diplomacy, economics, and infringements on individual freedom. Patti is the founder of the Global Economic Report. Her goal is to elevate journalistic principles and share the pursuit of truth in concert with others.

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