In a clean sweep, the Fed’s Open Market Committee voted 12–0 to raise interest rates yesterday by a quarter point to the 3.75%–4% range. It’s the first time the Fed has increased interest rates since July 2023—and most Fed officials expect to do so one more time this year, since inflation remains well above the Fed’s 2% target. Everyone knew it was coming. With the Fed’s preferred inflation measure showing July inflation holding strong at 3.7% compared to the same time last year, a separate measure of inflation also ratcheting up, and no end in sight for the war in Iran sending oil prices up, investors and economists would have been more surprised if Fed Chair Kevin Warsh didn’t announce a rate increase.
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