- The Federal Reserve raised interest rates by 25 basis points on Wednesday.
- It’s the second interest rate increase this year.
- It comes on the heels of Silicon Valley Bank’s collapse, which prompted some calls to pause the rate hikes.
The nation’s central bank is keeping its foot on the gas pedal when it comes to fighting inflation.
On Wednesday, the Federal Open Market Committee (FOMC) announced it is increasing interest rates by 25 basis points for the second time this year. This announcement comes on the heels of positive economic data — inflation slowed in February as the labor market stayed hot, adding 311,000 jobs — but as Fed Chair Jerome Powell has previously indicated, there’s still more work to be done to get the US to its pre-pandemic goal of a 2% inflation level.
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