Fed raises interest rate 75bp for third time

Jerome Powell
Jerome Powell
Federal Reserve

The Federal Reserve raised its target interest rate by 75 basis points today (September 21). The action – unanimously backed by the Federal Open Market Committee (FOMC) – followed two other 75bp hikes. It was the Fed’s fifth hike in 2022.

“No one knows if this process will lead to a recession or how significant a recession would be,” said Fed chair Jerome Powell during a press conference. However, he repeatedly stressed the need for growth to fall below trend if inflation is to return to target

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