The U.S. Federal Reserve has raised interest rates by half a percentage point, and projected more rises to come in 2023, to rein in inflation.
The U.S. Federal Reserve has raised interest rates by half a percentage point, and projected more rises to come in 2023, to rein in inflation.
Policymakers are starting to move more cautiously, following signs that the most severe inflation in decades may be starting to ease.
The Federal Reserve has raised interest rates at an historically rapid pace this year, responding to inflation that is running at a 40-year high.
“It is likely that restoring price stability will require holding [interest rates] at a restrictive level for some time,” Powell said at a press conference. “History cautions strongly against prematurely loosening policy.”
“Despite some promising developments, we have a long way to go in restoring price stability.”
