Quarter-point increase to a range of 4.5% to 4.75% signals a slowdown in Fed’s fight against soaring inflation
signaled a slowdown in its fight against soaring inflation on Wednesday, announcing its smallest hike in interest rates in almost a year.
“We covered a lot of ground, and the full effects of our rapid tightening so far are yet to be felt. Even so, we have more work to do,” said Fed chairInflation in the US has been running at levels unseen since the 1980s, triggering a cost of living crisis as the price of everything fromIn order to tamp down inflation the Fed has aggressively hiked rates as it seeks to cool the economy and bring prices back under control.
Consumer spending – the largest driver of the economy – fell 0.2% from November to December. The housing market has slowed and many of the major tech companies have announced large job cuts as they have moved to rein in spending.
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