Browsing: Interest rates

Economy Fed approves highest rate hike in 28 years

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.


With the U.S. economy experiencing a period of high inflation and with new economic uncertainties prompted by the Russian invasion of Ukraine, Federal Reserve Chairman Jerome Powell today warned that these conditions could push the Federal Open Market Committee’s longer-term expectations “uncomfortably higher,” underscoring a need for the FOMC “to move expeditiously” to raise interest rates.


In remarks at an industry event today, Federal Reserve Bank of New York President and CEO John Williams signaled that the Fed is likely to begin raising interests rates at its next meeting, as expected by analysts, and that the Fed could begin reducing its holdings of Treasury and mortgage-based securities sometime later in the year.


A federal district court on Tuesday upheld the OCC’s and FDIC’s “valid-when-made” rules in separate rulings.  The agencies’ rules had affirmed that permissible interest on a loan made by a national or state-chartered bank or federal thrift remains valid when the loan is transferred or sold.  

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