Hike amounts to the largest jump in the Fed's benchmark interest rate since 1994 as it faces surging inflation. interestrates federalreserve alabamanewsnetwork
on Wednesday that it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994, as it seeks to combat the fiercest surge in U.S. inflation in four decades.
"The labor market is extremely tight, and inflation is much too high," Federal Reserve Chairman Jerome Powell said in a press"My colleagues and I are acutely aware that high inflation imposes significant hardship, especially on those least able to meet the higher costs of essentials like food, housing, and transportation," he said.
"The Federal Reserve did not disappoint market expectations, responding to last week's upside surprise in consumer prices and a rise in inflation expectations, which suggested more aggressive action," Rubeela Farooqi, chief U.S. economist with High Frequency Economics, said in a report.
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