The US Federal Reserve has s interest rates by 75 bps, the largest rate hike since 1994, in an effort to stem inflation.
Per CNBC:
The Federal Reserve announced that it raised interest rates by 75 basis points or 0.75 percentage point. This marks the greatest rate increase in 28 years, and it brings the benchmark funds rate to a range of 1.5% to 1.75%.
Individual members of the Fed expect the benchmark rate will end 2022 at 3.4%, 1.5 percentage points higher than the March estimate.
Fed officials also cut their outlook for 2022′s economic growth. They now predict a 1.7% gain in GDP, down from 2.8% in March.
The post Feds raise interest rates by largest amount since 1994 in effort to stem raging inflation appeared first on News Thud.
Click this link for the original source of this article.
Author: Paul Goldberg
This content is courtesy of, and owned and copyrighted by, https://newsthud.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.
