15 mins agoBear Market and Record Inflation Lead to Fed Raising Rates 75 PointsAs expected, the Federal Reserve said it will raise interest rates by three-quarters of a percentage point rate, the first time it has done so since 1994. The move was widely anticipated and comes amid a market that has entered bear territory and inflation at a 41-year high. The Federal Reserve Board’s Federal Open Market Committee (FOMC) said in a statement on June 15 that it will maintain the federal funds rate in a target range of 1.5%-1.75% “and anticipates that ongoing increases in the target range will be appropriate.”Chair Jerome Powell said in a press conference that given the inflation which has risen notably since March, “a larger increase was warranted at today’s meeting,” adding that it is “an unusually large one.” He added that the CPI data came last week “and we thought that we needed to go ahead so we did.”To find out more, click here.

Source: CNN June 15, 2022 15:48 UTC