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Fed Chair Jerome Powell is under pressure to tamp down inflation. The Federal Reserve implemented the largest hike to its benchmark interest rate since 1994 on Wednesday as officials frantically seek to tamp down the decades-high inflation hitting household budgets.
The rate-making Federal Open Market Committee announced the hike of 0.75%, or 75 basis points, at the conclusion of their two-day meeting. The hike moved the benchmark short-term rate to a range of 1.5% to 1.75%.
“Job gains have been robust in recent months, and the unemployment rate has remained low,” the FOMC said in a statement. “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.”
The 0.75% hike was in line with revised expectations after last week’s release of the Consumer Price Index for May . The federal data showed inflation accelerated to a higher-than-expected 8.6% last month, the sharpest rate since December 1981.
Wall Street had long anticipated another half-percentage-point hike – but the mood changed after a report surfaced that economic officials could implement an even larger increase due to alarming inflation data.
While a 0.75% became the consensus view, some, including hedge fund billionaire Bill Ackman, suggested the economy would be better served if the Fed took drastic action by implementing a 1% hike. Investors are skeptical that the Fed will be able to engineer a soft landing for the economy. Motorists have encountered record-high gas prices across the country over the last month as the national average surpassed an unprecedented $5 per gallon. Other necessities such as groceries and housing have also surged to their highest level in years.
Interest rate hikes make it more expensive for consumers and businesses to borrow money. The Fed is aiming to cool the economy and bring down inflation without tipping the country into […]
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