After the Federal Reserve delivered its fourth consecutive 0.75 percentage point rate rise on Wednesday, it soon became clear the US central bank’s battle against persistently high inflation was entering a new phase.
In a statement accompanying the increase, which lifted the federal funds rate to a target range of 3.75 per cent to 4 per cent, the committee that sets monetary policy indicated it was preparing to ease up on the accelerator.
From now on, the Federal Open Market Committee will take into account how far rates have already risen this year as well as the fact it takes time for such increases to filter through to the real economy. That suggests a slower pace of rate rises in the future.
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