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Fed keeps rates unchanged for first time in 15 months but signals 2 more potential hikes this year

3 years ago by Wilshire to c/finance

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The Federal Reserve kept its key interest rate unchanged after having raised it 10 straight times to combat high inflation. But in a surprise move, the Fed signaled that it may raise rates twice more this year, beginning as soon as next month. The Fed’s move to leave its benchmark rate at about 5.1%, its highest level in 16 years, suggests that it believes the much higher borrowing rates it’s engineered have made some progress in taming inflation. But top Fed officials want to take time to more fully assess how their rate hikes have affected inflation and the economy. The central bank’s 18 policymakers envision raising its key rate by an additional half-point this year, to about 5.6%.
otterpop 1 point 3 years ago

Whew, about time, I was afraid it would just keep going! Pretty insane to see bank accounts with interest rates > 4% again. The last time I saw that was 2007/2008 right before the big crash.

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