The Federal Reserve pushed interest rates to a 22-year high Wednesday, one month after a brief respite in hikes during the central bank’s race to bring down historic inflation. The Fed hiked its baseline interest rate range by 0.25 percent to a span of 5.25 to 5.5 percent. It is the Fed’s 11th interest rate hike since March 2022, a dizzying ascent from near-zero interest rates at the beginning of last year. All 11 voting members of the Federal Open Market Committee (FOMC), the panel of Fed officials charged with managing monetary policy, supported the rate hike. Interest rates are among the sharpest tools in the Fed’s toolbox to hack away at high inflation, which is finally falling after squeezing consumers for the last two years. Inflation peaked at 9.1 percent annually last June, a 40-year high that sparked fears of a recession on the horizon. Price growth has since fallen to 3 percent year over year as of last month, according to consumer price data released by the Department of Labor. #federalreserve #fomc #inflation #jeromepowell
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