BREAKING: The Federal Reserve says it is raising interest rates another 0.75% to slow key areas of the economy and tame inflation.
of economists. Prior to this year, the Fed last matched a hike of this magnitude in 1994.
Federal Reserve Chair Jerome Powell on several occasions has reiterated the central bank's commitment to bring inflation down to a target rate of 2%, saying in September the Fed expects to put forward "ongoing increases" to its benchmark interest rate. The personal consumption expenditures price index – the inflation measure preferred by the Fed – stands at a year-over-year growth rate of 5.1%, government data showed last week.
"Powell has been very clear that inflation is unacceptably high and we have to stay the course to get it down," Anne Villamil, an economist at Iowa University, told ABC News. "Markets have been a little hopeful that we could have a pause – I don't see that happening." Federal Reserve Chair Jerome Powell speaks during a news conference in Washington, D.C., July 27, 2022.Despite persistent inflation, growing evidence suggests that the Fed's moves have put the brakes on some economic activity.
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