The United States Federal Reserve (Fed), on Wednesday, raised its benchmark interest rate by 25 basis points to a target range of 4.5 percent to 4.75 percent.
This is the eight consecutive increase by the US central bank since March 2022 as it attempts to curb inflation.
“The Committee seeks to achieve maximum employment and inflation at the rate of 2 per cent over the longer run,” the statement reads. “The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 per cent over time.”In determining the extent of future increases in the target range, the committee said it would take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial development.
“In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook,” the statement adds.
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