Fed approves 0.75-point hike to take rates to highest since 2008 and hints at change in policy ahead
Posted on AllSides November 2nd, 2022
From The Center
Chart: Gabriel Cortes / CNBC Source: The Federal Reserve Bank of New York
The Federal Reserve on Wednesday approved a fourth consecutive three-quarter point interest rate increase and signaled a potential change in how it will approach monetary policy to bring down inflation.
In a well-telegraphed move that markets had been expecting for weeks, the central bank raised its short-term borrowing rate by 0.75 percentage point to a target range of 3.75%-4%, the highest level since January 2008.
The move continued the most aggressive pace of monetary policy tightening since the early 1980s, the last time inflation ran this high.
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