Fed Raises Interest Rate by 0.75%

By Staff Writer July 28, 2022 236

The Federal Reserve will raise interest rates again to battle inflation, and additional changes are on the horizon.

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the statement read. “In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2 1/4 to 2 1/2% and anticipates that ongoing increases in the target range will be appropriate.

In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2% objective.

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Last modified on Wednesday, 03 August 2022 02:38