Fed hikes interest rates to 22-year high after June pause

[Kamaji]

Fed hikes interest rates to 22-year high after June pause

By Shannon Thaler
July 26, 2023

The Federal Reserve delivered yet another interest rate hike on Wednesday — hitting a 22-year high — after a short-lived pause in the central bank’s effort to cool inflation to its 2% goal.

Fed Chairman Jerome Powell on Wednesday announced a quarter-point rate hike, bringing the federal funds rate to between 5.25% and 5.5%, the highest benchmark rate since 2001.

The resumed tightening cycle also marked the 11th increase over the past 18 months.

“The process of getting inflation back down to 2% has a long way to go,” Powell said following the decision, an echo of his remarks last month.

Powell added that “the full effects of our tightening have yet to be felt,” and that Fed officials will continue to take a “data-dependent approach” in determining whether future hikes are needed.

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Source:  https://nypost.com/2023/07/26/fed-hikes-interest-rates-to-22-year-high-after-june-pause/

[libertybele]

Powell needs to just keep walking and he needs to take Yellen with him.

[berdie]

So the market will dive tomorrow...again

[libertybele]

So the market will dive tomorrow...again

Things certainly aren't looking up that's for sure.