Market Updates
Federal Reserve Lifts Interest Rates 75 Basis Points, Lowers Growth Estimate
Brian Turner
15 Jun, 2022
New York City
The Federal Reserve lifted its key benchmark rate most aggressively since 1994 and signaled it will continue its policy of tightening at a faster pace in taming 40-year high inflation.
At the end of the two-day meeting, the policy members voted in favor of lifting rates by 75-basis-points and set the new fed funds range between 1.5% and 1.75%.
The monetary policy committee reaffirmed its commitment to continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities as laid out at the end of the May meeting.
Only one of the eleven members of the policy committee voted against the larger rate increase.
Kansas City Fed President Esther L. George, against the measure and preferred to raise the target range for the federal funds rate by 0.5 percentage point to 1-1/4 percent to 1-1/2 percent.
The Fed reiterated its commitment to fight elevated inflation and said "the Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run."
"I do not see moves of this size to be common" speaking to reporters after the meeting in Washington, Fed Chairman Jerome Powell and referring to 75 basis points rate increase.
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