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Wednesday, March 22, 2023

Fed Raises Interest Rates To Highest Levels Since 2007


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.

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