The Federal Reserve raised interest rates by 0.25 percent today. The new range of 5-5.25 percent is the highest since September 2007.
Officials still view inflation as elevated, and the Fed said future rate hikes would be contingent on the impact of previous rate hikes on the economy and financial developments, according to Yahoo Finance.
The U.S. central bank has increased rates by 5 percentage points since March 2022. This is the 10th straight increase.
“The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation,” the Committee said in a release announcing the increase. “The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.”