The Federal Reserve raised interest rates a quarter point today, its first hike since 2023, defying an unusually public pressure campaign from President Trump, Vice President JD Vance and Treasury Secretary Scott Bessent to cut. Today's Federal Reserve interest rate decision landed at 2 p.m. Eastern, and it wasn't what the White House wanted. The Federal Open Market Committee lifted its benchmark rate from a target range of 3.50%-3.75% to 3.75%-4.00%, the first increase in three years. Markets had priced in only about 60% odds of a hike after the August jobs report came out. Then Fed Chair Kevin Warsh took the stage at Jackson Hole and warned the central bank still had "work to do" on inflation.
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