Browsing: FOMC


It will be necessary to raise the federal funds rate to “somewhat above 4%” by early next year and hold it there, predicted Loretta Mester, president of the Federal Reserve Bank of Cleveland, during a speech today.


A tight labor market, inflation running well above the Federal Reserve’s 2% target and a deteriorating near-term inflation outlook prompted the Federal Open Market Committee to move ahead with a 75 basis point rate-hike in June—the highest rate increase in 28 years—according to minutes released today.


In a move to slow the specter of inflation, the Federal Reserve today increased the target range for the federal funds rate by three-quarters of a percentage point to 1.5% to 1.75%—the central bank’s most aggressive hike since 1994.

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