The Federal Reserve reinforced its inflation fight by raising its key interest rate for the seventh time this year and signaling more hikes to come
FILE - Travelers check in at an airline ticket counter at O'Hare International Airport in Chicago, Wednesday, Nov. 23, 2022. The Federal Reserve is set to raise its benchmark short-term rate on Wednesday, Dec. 14, for a seventh time this year, though by a smaller amount than it has recently. WASHINGTON — — The Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signaling more hikes to come.
The policymakers also forecast that their key short-term rate will reach a range of 5% to 5.25% by the end of 2023. That suggests that the Fed is prepared to raise its benchmark rate by an additional three-quarters of a point and leave it there until the end of next year. Some economists had expected that the Fed would project only an additional half-point increase.in the United States slowed in November for a fifth straight month. The year-over-year increase of 7.
Consistent with a sharp slowdown, the officials also projected that the economy will barely grow next year, expanding just 0.5%, less than half the forecast it had made in September.
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