Core Inflation
Fedral Reseve Bank | United States
| July 27, 2023, 11:31 a.m.
Federal Reserve Raises Interest Rates for the 10th Consecutive Time Amidst Soaring Inflation
In response to the persistent surge in inflation gripping the nation for over a year, the Federal Reserve's policy-making committee has implemented its 10th consecutive interest rate hike. Despite acknowledging the limitations of interest rates as economic tools, Fed Chairman Jerome Powell aims to tame the overheated economy and curb inflation through these rate increases. However, experts are divided over the actual impact of the rate hikes, with some industries, like auto sales and housing, already feeling the effects. As the Fed monitors inflation and job reports, they are cautious about the economic landscape's uncertainties and plan to assess the effectiveness of their measures before their next decision in September.
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