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.

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The central bank said its new target range is 3.75%-4%, the highest level since January 2008.

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The fourth rate hike of 2022 also arrives less than a week before the midterm elections.

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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%

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Job growth has persisted at a strong rate but has shown signs of moderating.

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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.

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