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Federal Reserve Raises Interest Rates 25 Basis Points Amid Banking Crisis

Posted on AllSides May 3rd, 2023
From The Right

The Federal Reserve on Wednesday raised interest rates another 25 basis points – or 0.25% – amid the banking crisis. “Inflation pressures continue to run high,” Fed Chair Jerome Powell said. “The process of getting inflation back down to 2% has a long way to go.” The Federal Reserve raised interest rates by a quarter of a percentage point, bringing the benchmark funds rate to 5% to 5.25%. In its post-meeting statement, the central bank appeared to soften its language on future rate increases, removing a line on “additional policy...

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