Fed raises interest rates to 22-year high, leaves door open for more

The Fed's chair, Jerome Powell, said policymakers have a long way to go to return inflation to their 2% goal. (Image: Bloomberg)

Bloomberg

Thu, 27 Jul 2023

By Steve MatthewsThe Federal Reserve resumed raising interest rates, and chair Jerome Powell left open the possibility of further hikes, which he emphasized will depend on incoming data that has recently signalled a resilient US economy.After pausing rate increases in June, policymakers lifted borrowing costs again at their policy meeting on Wednesday for the 11th time since March 2022 to curb inflation. The quarter-percentage-point hike, a unanimous decision, boosted the target range for the Fed’s benchmark federal funds rate to 5.2...

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