Fed raises rates 25bp and signals possible halt soon

Credit tightening may substitute for further rate hikes, Powell says

Jerome Powell
Jerome Powell
Photo: US Federal Reserve

The US Federal Open Market Committee voted unanimously to raise the target range for the federal funds rate by 25 basis points today (March 22), and signalled it may soon take a pause.

“As a result [of recent bank failures], we no longer state that we anticipate that ongoing rate increases will be appropriate to quell inflation,” Federal Reserve chair Jerome Powell told reporters. “Instead, we now anticipate some additional policy firming may be appropriate.”

The ‘dot plot’ of FOMC members’

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