The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point on Wednesday to the highest level in 22 years, as it kept the door open to further increases this year.
The Federal Open Market Committee lifted the federal funds rate to a new target range of 5.25 per cent to 5.5 per cent with unanimous support, resuming its most aggressive monetary tightening campaign in decades.
Wednesday’s increase followed a brief reprieve at the previous meeting in June, when the FOMC held the benchmark rate steady. At the time, Fed chair Jay Powell indicated the central bank would take a more gradual approach to rate rises to account for months of earlier increases and the fallout of a regional banking crisis this spring.
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