On Wednesday, the Federal Reserve’s Open Market Committee (FOMC) raised interest rates for the first time since 2023 and the first time thus far in Chair Kevin Warsh’s three-plus months’ tenure . The quarter of a percentage point hike brings the Fed’s benchmark rate into a range of 3.75% to 4%. The decision was unanimous among all 12 Federal Open Market Committee members. “The plain fact is that inflation is too high and has been for too long,” Warsh said in a press conference after the announcement. “We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Today, the FOMC decided that this standard has not been satisfied.
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