BREAKING: The Fed raised interest rates by 0.5 percentage point, a more cautious move after a string of bigger hikes.
The Federal Reserve has raised interest rates for the seventh time this year, while signaling that it is moving more cautiously as the U.S. economy slows.its benchmark rate by 0.5 percentage point on Wednesday, lifting its target rate into a range between 4.25% and 4.5%The half-percentage-point increase marks a step-down from a string of bigger interest rate hikes this summer, when the Fed made four consecutive 0.
Fed Chair Jerome Powell is set to address reporters at 2:30 p.m. Eastern time, when he will offer his outlook for the economy. from a year ago, led by a decline in energy, commodity and used car prices, the Labor Department reported Tuesday. That reading was down from a peak of 9% in June, propelled by soaring fuel costs.
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