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Fed raises interest rates by a half point for first time in 20 years as it ratchets up inflation fight
Inflation rose to a 40-year high in March, ramping up pressure on the Fed to act
By Megan Henney FOXBusiness
The Federal Reserve on Wednesday raised its benchmark interest rate by a half point for the first time in two decades as policymakers intensify their fight to cool red-hot inflation, a move that threatens to slow U.S. economic growth and exacerbate financial pressure on Americans.
The widely anticipated move – that the Fed would raise rates by 50 basis points – comes as officials face mounting pressure to move more aggressively to cool demand and slow rising consumer prices, which hit a 40-year high in March.
Policymakers voted unanimously in favor of the rate half-point move, which put the key benchmark federal fund rate at a range between 0.75% to 1.0%, the highest since the pandemic began two years ago.
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https://www.foxbusiness.com/economy/federal-reserve-may-meeting-interest-rate-hike-inflation-2022
