The Federal Reserve raised interest rates Wednesday for the first time since 2023, lifting its benchmark a quarter point to 3.75%-4%. The vote was unanimous, 12-0, and 16 of the 18 policymakers who submitted forecasts penciled in at least one more increase this year. Inflation is running at 3.4%, unchanged from July but well above the Fed’s 2% target. The U.S. Central Bank now sees a return to the objective no earlier than 2029. Officials revised their forecasts for inflation and growth higher, and unemployment lower. Fed Chair Kevin Warsh said the central bank had removed “a dose of accommodation.” Asked what message he had for President Donald Trump , who has spent months demanding cuts, Warsh said he had “nothing for you.
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