Interest rate increase: February 2023. Fed raises rates by 0.25%
The Federal Reserve announced Wednesday that it had raised its key federal funds rate by 0.25% as it seeks to keep putting downward pressure on economic growth in its bid to slow inflation.
The Federal Reserve announced Wednesday that it had raised its key federal funds rate by 0.25% as it seeks to keep putting downward pressure on economic growth in its bid to slow inflation.
It was the smallest rate hike since the central bank began an aggressive campaign that has produced nearly monthly rate hikes since last March.
The Fed said in its statement Wednesday that more rate increases are most likely coming.
But in his news conference following the rate-hike announcement, chairman Jerome Powell said he and other Federal Reserve officials believed "a couple" more hikes would likely suffice to reach a high enough interest rate at which the Fed would feel comfortable pausing the increases.
That helped send stocks higher in Wednesday trading.
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