Fed Raises Interest Rates by Another 0.75 Percentage Points to Cool Inflation
The Federal Reserve raised the benchmark federal funds rate by 75 basis points on Nov. 2 to a target range of 3.75 to 4 percent, in line with market expectations.
The decision came after the Fed’s policy-making arm, the Federal Open Market Committee (FOMC), concluded its two-day meeting on Nov. 2.
It’s the sixth rate increase this year and the fourth consecutive 75-point increase in 2022. Interest rates are now the highest they have been since January 2008.
It was widely expected that the Fed would pull the trigger on a three-quarter-point rate boost.
Officials hinted, however, at a possible slowdown in the pace of rate increases. Financial markets had initially rallied following the announcement, with the Dow Jones Industrial Average surging as much as 300 points….