Well, they dood it! (As Red Skelton would say.)
The Federal Reserve Board met today and raised the interest rate a quarter of a percentage point..
From the Daily Caller:
The Federal Reserve hiked its target federal-funds interest rate by a quarter of a percentage point Wednesday, the ninth in a series of hikes that started in March 2022.
The hike brings the Fed’s target rate to a range between 4.75% and 5% with the Fed maintaining its pace of slowed increases. Most economists expected a quarter-point interest-rate hike in an effort to bring inflation down, but the current banking calamities contributed to the possibility of a pause, according to Bloomberg.
As of Wednesday morning, markets were estimating over 90% odds that the Fed would hike rates by a quarter-point, CNBC reported. This brings rates to their highest level since late 2007.
To read more, go here.
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