Federal Reserve Chair Jerome Powell. Photographer: Al Drago/Bloomberg
The Federal Reserve resumed raising interest rates, and Chairman Jerome Powell left open the possibility of further hikes, which he emphasized will depend on incoming data that has recently signaled a resilient U.S. economy.
After pausing rate increases in June, policymakers lifted borrowing costs again at their policy meeting on Wednesday, for the 11th time since March 2022, to curb inflation. The quarter-percentage-point hike, a unanimous decision, boosted the target range for the Fed's benchmark federal funds rate to 5.25 percent to 5.5 pecrcent, the highest level in 22 years.
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