Federal Reserve approves another 0.75-point rate hike
By Marco Christiansen | Jun 21, 2021
The Federal Reserve said Wednesday it was raising its short-term borrowing rate another 0.75% to slow key areas of the economy and tame inflation.
The central bank said its new target range is 3.75%-4%, the highest level since January 2008.
The fourth rate hike of 2022 also arrives less than a week before the midterm elections.
Federal Reserve Chair Jerome Powell on several occasions has reiterated the central bank's commitment to bring inflation down to a target rate of 2%
Job growth has persisted at a strong rate but has shown signs of moderating.
U.S. employers added 263,000 jobs in September and the unemployment rate fell slightly to 3.5% from 3.7%, exceeding expectations and demonstrating the continued strength of the labor market.