Market Updates
Fed Slows Rate Hike and Signals More Increases
Brian Turner
01 Feb, 2023
New York City
The Federal Reserve increased its key lending rate at a slower pace but held out for more hikes to combat elevated inflation.
In an unanimous decision, the Federal Open Market Committee raised federal funds target rate range by 25 basis points to 4.50% to 4.75%. the statement from the Federal Reserve showed.
Policymakers have been struggling in deciding the future rate path as the economy cools but labor market conditions remain tight and higher rates have a lagging effect on the economy.
With inflation falling but far from the Fed's desired level and the economy still growing, indicating that the rates are still not restrictive enough to bring down the inflation, making the Fed's balancing act between inflation and employment levels challenging.
With today's rate hike the Federal Reserve has raised rates eight times in the last ten months but inflation has stayed well above the Fed's target rate of 2%.
"The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time," Fed's statement noted.
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