Breaking News: Federal Reserve Raises Interest Rates to Highest Level in Two Decades
Transcript
Transcript
Federal Reserve Raises Interest Rates to Highest Level in Two Decades
Jerome H. Powell, the Fed chair, announced that the central bank raised interest rates to a range of 5.25 to 5.5 percent, the highest level since 2001.
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The Federal Reserve’s decision to raise interest rates comes as part of its effort to promote maximum employment and stable prices for the American people. By tackling the issue of high inflation, the central bank aims to protect the purchasing power of individuals, especially those who may struggle with higher costs of essentials like food, housing, and transportation. The Federal Reserve is dedicated to bringing inflation back to the target objective of 2 percent. During the latest meeting, the committee increased the federal funds rate by a quarter percentage point, setting the new target range at 5.25 to 5.5 percent. Additionally, the central bank continues to reduce its holdings of securities.
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