The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and signalled it may pause further increases.
The move marks a new stage of the US central bank’s management of the recovery from the COVID-19 pandemic, with what may be its final rate hike of the current tightening cycle and heightened attention to risks facing the economy. The unanimous decision lifted the Fed’s benchmark overnight interest rate to the 5.00%-5.25% range, the tenth consecutive increase since March 2022.
In an overt shift, the central bank no longer says it “anticipates” further rates will be needed, only that it will watch incoming data to determine if more hikes “may be appropriate.” The change was reminiscent of language used when it halted rate hikes in 2006, which says that “in determining the extent to which additional policy firming may be appropriate,” officials will study how the economy, inflation and financial markets behave in the coming weeks and months.
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