The Federal Reserve raises interest rates a quarter percentage point, the eighth consecutive increase deployed to fight high inflation
From eggs to butter, grocery prices are still on the rise in 2023. Here's what that means for the U.S. economy.WASHINGTON--The Federal Reserve is easing its foot a bit further off the brake.The Fed, as expected, raised its key short-term interest rate by a quarter percentage point Wednesday, throttling back from a half-point hike in December and acknowledging that a historic inflation spike is slowing.
In a statement after a two-day meeting, the Fed repeated that “ongoing increases…will be appropriate” to bring down yearly inflation to the Fed’s 2% goal. Some economists expected the Fed instead to say “additional increases” would be needed, hinting the Fed is close to winding down the hiking cycle.
In recent weeks, Fed official have noted that inflation has cooled somewhat and another step down to a quarter point rate increase was likely after four straight three-quarter point hikes gave way to December’s half-point move.The big question, though, is – How high will the Fed go? Meanwhile, the economy is losing some steam. Job growth has declined to a still-solid average monthly pace of 247,000 the past three months from 366,000 the previous quarter. And retail sales and business investment fell late last year.
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