Saturday, July 20, 2024

Fed raises rates again, sixth hike since 2021

The Federal Open Market Committee announced this month it would raise the target range for the federal funds rate to 3.75 to 4% – the sixth rate increase this year and the fourth time the the rate was raised by 75 basis points.

FOMC also reiterated it believes ongoing increases will be necessary to help return inflation closer to its 2% target.

The FOMC statement said the committee will continue to monitor the implications of incoming information for the economic outlook and be prepared to adjust the stance of monetary policy as appropriate. The FOMC will meet again in December.