Fed announces another 75bp rise

Jerome Powell
Jerome Powell
Fed/Flickr

The US Federal Open Market Committee voted unanimously to increase its policy rate by 75 basis points to 2.5% today (July 27).

The decision follows a 75bp rate hike in June, which was the Federal Reserve’s largest increase since 1994. The FOMC increased the fed funds rate by 50bp in May, and started its tightening cycle in March with a 25bp hike.

Fed chair Jerome Powell said he and the committee expect to increase the fed funds rate further, but said further hikes will likely be smaller. He

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