The Fed makes history with a fourth consecutive three-quarter point rate hike, an unprecedented move to curb the US economy's white-hot inflation.
The supersized hike brings the central bank’s benchmark lending rate to a new target range of 3.75% to 4%. That’s the highest the fed funds rate has been since January 2008. Wednesday’s decision, which comes at the end of a two-day policy meeting of the Federal Open Market Committee, marks the Fed’s toughest policy move since the 1980s and will likely deepen the economic pain for millions of American businesses and households by pushing up the cost of borrowing even further.
In addition, the statement noted that: “In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.
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