Economic Buzz: US Fed Hikes Interest Rate By 75Bps

28 Jul 2022 , 09:38 AM

In a widely anticipated move, the Federal Reserve announced its decision to raise interest rates by 75 basis points. The Fed said it decided to raise the target range for the federal funds rate to 2.25 to 2.50 percent in an effort to achieve its dual goals of maximum employment and inflation at a rate of 2 percent over the longer run. The latest rate hike follows another 75 basis point increase in rates last month and marks the fourth straight central bank meeting that has resulted in a rate hike.Powered by Commodity Insights