BREAKING: The Federal Reserve raised interest rates significantly, hiking it 0.75%, escalating a strategy of increased borrowing costs that aims to dial back historic inflation.
that showed a reacceleration of price increases to levels not seen for more than four decades, dashing hopes that inflation had reached its peak.
“We at the Fed understand the hardship that high inflation is causing and we’re strongly committed to bringing inflation back down,” Federal Reserve Chair Jerome Powell said on Wednesday.A rate hike of 0.75% brings the interest rate to a range of 1.5% to 1.75% "The invasion of Ukraine by Russia is causing tremendous human and economic hardship," the Federal Reserve said in a statement on Wednesday. "The invasion and related events are creating additional upward pressure on inflation and are weighing on global economic activity. In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions.
Gas prices are displayed at an Exxon gas station behind American flag in Edgewater, N.J., June 14, 2022.The Federal Reserve raised its benchmark interest rate by 0.5% last month, and central bankers had signaled the same increase for June. But a persistent surge in costs appears to have prompted a reevaluation. The consumer price index, or CPI, stood at 8.6% year-over-year in May, a significant increase from 8.
President Joe Biden has touted the economic recovery from a coronavirus-induced downturn, but acknowledged that many American households are struggling with high costs.
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