JUST IN: Federal Reserve Raises Interest Rates to Highest Level in 22 Years
The Federal Reserve on Wednesday approved another interest rate hike, bringing the benchmark rate to a 22-year high.
All panel members of the Federal Open Market Committee (FOMC) approved the 25 basis point rate hike.
The Fed left the door open to additional rate increases!
The 25 basis point rate hike (0.25%) brought the benchmark federal funds rate to 5.25% to 5.5% – the highest level since 2001.
Wednesday’s rate hike is the 11th increase since March 2022 when the benchmark rate was near zero.
#Fed raised interest rates to the highest level in 22yrs as expected and left the door open to additional increases as officials fine-tune their effort to further quell #inflation. The quarter percentage-point hike, a unanimous decision, lifted the target range for the Fed’s… pic.twitter.com/eOT6UATT0n
— Holger Zschaepitz (@Schuldensuehner) July 26, 2023
The Federal Reserve raised rates nearly a dozen times amid a banking crisis.
Americans are still getting crushed by Joe Biden’s inflation crisis.
The Federal Reserve raised interest rates 11 times for a total of 550 basis points since last year – 7 times in 2022 and 4 times in 2023 – in an effort to hedge inflation.
It’s not working.
Inflation rates are STILL high.
The higher interest rates are now posing a problem for the banking sector and the real estate market.
Silicon Valley Bank, Signature Bank and First Republic Bank collapsed this year after depositors withdrew billions of dollars from the lending institutions.
Fed Chair Jerome Powell on Wednesday held a press conference on the latest rate hike.
WATCH:
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