The Federal Reserve approved its largest rate hike in almost three decades and signaled that its benchmark rate will rise close to 4% by the end of 2023. The Fed said it is strongly committed to getting inflation down to 2%.
The Federal Reserve on Wednesday demonstrated it wanted to be aggressive in its fight against inflation, approving its largest interest rate hike in almost three decades and signaling that its benchmark rate will rise close to 4% by the end of next year.
There was only one dissent. Kansas City Fed President Esther George preferred a half percentage point hike. The Fed’s aggressive tone comes as Fed Chairman Jerome Powell was sworn last month to a second four-year term. President Joe Biden met with Powell in the Oval Office earlier this month and the Biden White House has urged the Fed to combat inflation.
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