The Federal Reserve Raises Rates to Fight Inflation
As inflation continues to be a concern, the Federal Reserve has raised rates by 0.75%. This is the fourth increase this year.
Central bankers have voted unanimously to make the large intrest-rate move, and the Federal Open Market Committee has signaled that more rate increases can be coming, saying that it “anticipates that ongoing increases in the target range will be appropriate.”
“I do not think the U.S. is currently in a recession,” Jerome Powell told reporters after the end of the U.S. central bank’s latest policy meeting, citing an unemployment rate that is still near a half-century low and solid wage growth and job gains. “It doesn’t make sense that the U.S. would be in recession.”