Federal Reserve officials raised interest rates by 75 basis points for the third consecutive time. Here's what that means
In a statement Wednesday following a two-day meeting in Washington, the Federal Open Market Committee repeated that it “is highly attentive to inflation risks.” The central bank also reiterated it “anticipates that ongoing increases in the target range will be appropriate,” and “is strongly committed to returning inflation to its 2% objective.”The decision, which was unanimous, takes the target range for the benchmark federal funds rate to 3% to 3.
Estimates for economic growth in 2023 were marked down to 1.2% and 1.7% in 2024, reflecting a bigger impact from tighter monetary policy.
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