Federal Reserve Hikes 25 Basis Points, Maintains 2023 Rate Forecast at December Levels
In today’s decision, the Federal Reserve’s rate-setting committee raised benchmark rates by a quarter percentage point and hinted at further tightening to come – but policymakers also suggested that the economic impact of recent regional bank collapses remained largely unknowable. At the conclusion of its two-day meeting in Washington, the Federal Open Market Committee unanimously voted to raise the target range for the federal funds rate to 4.75-to-5.00 percent, with no dissents in favour of a smaller or larger move. This brings US rates back to levels last reached in September 2007. In the official statement setting out the decision,...