Fed raises rate as Powell hints at further rises
The Federal Open Market Committee voted unanimously to increase its policy rate 75 basis points today (November 2), signalling it was likely to hike further.
Fed chair Jerome Powell said there is “significant uncertainty” as to the level of interest rates that would cause the Fed to slow its rate rises. “We still have some ways to go,” he said. “Incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected.”
The move brings the
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