Fed approves 0.75-point hike to take rates to highest since 2008 and hints at change in policy ahead

Fed approves 0.75-point hike to take rates to highest since 2008 and hints at change in policy ahead

• The Federal Reserve, in a well-telegraphed move, raised its short-term borrowing rate by 0.75 percentage point to a target range of 3.75%-4%, the highest level since January 2008.
• The central bank’s new statement hinted at a potential change in how it will approach monetary policy to bring down inflation.
• However, stocks fell as Fed Chair Jerome Powell dismissed the idea that the Fed may be pausing soon though he said he expects a discussion at the next meeting or two about slowing the pace of tightening.
• Still, Powell reiterated that there may come a time to slow the pace of rate increases.

https://www.cnbc.com/2022/11/02/fed-hikes-by-another-three-quarters-of-a-point-taking-rates-to-the-highest-level-since-january-2008.html