Fed raises rates 0.75%, signals more to come

Source: Axios

“The Federal Reserve enacted its third consecutive 0.75 percentage point interest rate hike Wednesday and released new forecasts that show the central bank envisions higher unemployment and yet higher rates in the coming months in its campaign to bring down inflation. Following a two-day meeting, the Fed’s policy committee increased its target for short-term interest rates to the 3 to 3.25% range, and said in a statement that it ‘anticipates that ongoing increases in the target range will be appropriate.’ … Already, the Fed’s tightening campaign has driven home mortgage rates above 6%, causing home sale activity to slow dramatically, and walloped many financial markets.” (09/21/22)