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Fed set to raise interest rates to 22-year high after June pause

Posted on AllSides July 26th, 2023
From The Right
Al Drago / Bloomberg via Getty / File / Getty Images

The Federal Reserve is widely expected to deliver another interest rate hike on Wednesday, resuming its campaign to jack up borrowing costs and crush inflation after a brief pause in June.

The projected quarter-percentage point hike would set the federal funds rate between 5.25% to 5.5%, further restricting economic activity as the borrowing costs for homes, cars and other items march higher.

It would mark the highest rate since 2001 and the 11th increase in nearly a year and a half.

But Wall Street is even more focused on Fed Chairman Jerome Powell's press...

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