The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter percentage point and gave little indication that it is nearing the end of this hiking cycle. Aligning with market expectations, the rate-setting Federal Open Market Committee boosted the federal funds rate by 0.25 percentage point. That takes it to a target range of 4.5%-4.75%, the highest since October 2007. The move marked the eighth increase in a process that began in March 2022. … The post-meeting statement noted that inflation “has eased somewhat but remains elevated,” a tweak on previous language. Markets, however, were looking to this week’s meeting for signs that the Fed would be ending the rate increases soon. But the statement provided no such signals. Stocks sold off in the wake of the announcement, with the Dow Jones Industrial Average tumbling more than 300 points.
Source: CNBC
