Fed raises interest rate 75bp for third time

Powell reiterates pledge to “keep at it” until inflation is back to 2%

Jerome Powell
Jerome Powell
Photo: US 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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