Feb 01, 2023
By Christine Ross
As expected, the Federal Reserve raised its key interest rate by a quarter-point, the eighth hike since March.
Wall Street will now look for clues on how much more the Fed will raise rates, especially as some economic data points to easing inflation.
Chair Jerome Powell is bracing for growth this year, but at a “subdued pace”
“I think the markets have decided and the public has decided, that inflation is going to come back down to 2% and it’s just a matter of us following through, that’s immeasurably helpful to the process of getting inflation down, the fact that people believe it will come down, that will be part of the process of getting it down and it’s a very positive thing,” said Powell.
Though smaller than its previous hike and even larger rate increases before that, the Fed’s latest move will likely further raise the costs of many consumer and business loans and the risk of a recession.
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