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Fed Holds Off on Rate Hike, Sees Two More Coming by End of 2023
Summary: The Federal Reserve opted not to raise interest rates for the 11th consecutive time, taking stock of the impacts of the previous 10 increases, CNBC reported on Wednesday. However, the decision came with a projection that two more quarter percentage point hikes would be implemented before the year's end. Fed Chair Jerome Powell acknowledged the ...
The Federal Reserve opted not to raise interest rates for the 11th consecutive time, taking stock of the impacts of the previous 10 increases, CNBC reported on Wednesday. However, the decision came with a projection that two more quarter percentage point hikes would be implemented before the year's end. Fed Chair Jerome Powell acknowledged the significant ground covered by the tightening measures, but stated that the full effects were yet to be felt. The possibility of further rate hikes created pressure on stocks, resulting in a 300-point drop in the Dow Jones Industrial Average. The Fed intended to assess the effects of its policy moves over the next six weeks in its ongoing battle against inflation, which has shown promising yet uneven signs. The decision left the key borrowing rate in a target range of 5%-5.25%.
Author: Katie Lin
Tags: Dow Jones Industrial Average,Fed,Federal Reserve,inflation,Interest Rates,Jerome Powell
Link: Fed Holds Off on Rate Hike, Sees Two More Coming by End of 2023 [Copy]
