Fed Acknowledges Banking Turmoil, Raises Interest Rates Anyway.
TL;DR Summary
The Federal Reserve raised interest rates by a quarter-point to a range of 4.75 percent to 5 percent, with one more rate increase forecasted for 2023. The Fed is trying to balance the risk of inflation remaining rapid and the threat of higher borrowing costs fueling turmoil in the banking system. The Fed acknowledged that trouble in the banking system could make it harder for consumers to access credit, weighing on demand and allowing the Fed to adjust interest rates less drastically to cool the economy. The fight for stable inflation could be a longer and more gradual one than many had expected even a few months ago.
- The Fed Raised Rates and Acknowledged Bank Uncertainty The New York Times
- Fed raises interest rates a quarter point despite recent banking turmoil Fox Business
- Fed Judgment Day: Banking Turbulence Is on Par With 9/11, GFC and Covid Bloomberg
- The banking meltdown may have done the Fed's work for it CNN
- Fed hikes rates by a quarter percentage point, indicates increases are near an end CNBC
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