The Federal Reserve on Wednesday announced its widely expected decision to raise interest rates by another 75 basis points. Citing efforts to achieve maximum employment and inflation at the rate of 2 percent over the longer run, the Fed announced its decision to raise the target range for the federal funds rate to 3.75 to 4 percent. The Fed also said that ongoing increases in rates will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. However, the central bank noted that future rate hikes will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. The Fed also said it 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 Reserves Balance Sheet that were issued in May.Powered by Commodity Insights
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