fifth rate hike this year
(FOX BUSINESS) – The Federal Reserve once again raised interest rates by 75 basis points on Wednesday. This marked the third consecutive 75-basis point increase and the fifth rate hike this year.
The move came as the Fed continues to fight high inflation, which hit 8.3% annually in August. This was a slight improvement from July but still remains near the 40-year high set earlier this year and is much higher than the central bank’s preferred 2% annual average.
The increased federal funds rate also raises interest rates on products such as personal loans, mortgages, student loans and credit cards.
The rate hike brings the federal funds rate to a targeted range of 3% to 3.25%, and the Fed said it anticipates that more rate hikes are on the horizon, as it is “strongly committed to returning inflation to its 2% objective.”
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