The Federal Reserve voted to raise interest rates by 25 basis points on Wednesday amid persistently high inflation. The decision was unanimous.
The median Fed official expects one more rate hike this year, according to the central bank’s Summary of Economic Projections, also known as the dot plot.
The move was the Fed’s first increase in the fed funds rate since 2023, when the Jerome Powell-led central bank concluded its post-pandemic hiking campaign. It was also largely priced in by the market, even as Federal Reserve Chairman Kevin Warsh has been adamant about not providing markets with forward guidance.
Markets will closely scrutinize Warsh’s press conference at 2:30 p.m. ET for hints about his thinking on inflation and monetary policy in the next few years.
Grace O’Donnell | Yahoo Finance