Fed Increases Interest Rates by a Quarter Point

On May 3, The Federal Reserve announced the decision to raise interest rates a quarter point to a range of 5-5.25%, the highest rate since 2007. During Wednesday’s press conference, Fed Chairman Jerome Powell alluded to a potential pause in interest rate increases, contingent on ensuing data, while furthermore stressing the Fed’s commitment to lowering inflation to their ultimate goal of 2%. The decision to raise interest rates was made amid growing concerns over financial uncertainty due to recent banking failures alongside growing anticipation of recession.

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