US Federal Reserve hikes interest rate to highest level since 2007
03 February 2023 |
1:13 pm
With the latest increase, the Fed's target interest rate is set in a range between 4.50% and 4.75% — its highest level since late 2007. The Fed has been rapidly hiking rates since March of 2022 in a bid to snuff out persistent inflation.
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The raise is more modest than the previous 0.75% consecutive increases, which comes as inflation starts to slow in the US. The move comes hours ahead of expected similar decisions in Europe and the UK.
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With the latest increase, the Fed's target interest rate is set in a range between 4.50% and 4.75% — its highest level since late 2007. The Fed has been rapidly hiking rates since March of 2022 in a bid to snuff out persistent inflation.
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