Market Updates
Fed Funds Target Rate Range Raised by 25 Basis Points
Brian Turner
03 May, 2023
New York City
The Federal Reserve lifted the fed funds target range by 25 basis points to between 5.0% and 5.25% and increased the borrowing cost to the highest since September 2007.
The 10th rate increase was widely expected and in a unanimous decision rate setting committee agreed to revise rates higher but also left the door open to pause future rate hikes.
In the FOMC statement released after the meeting the Federal Reserve reiterated its commitment to lower inflation to 2% but showed flexibility to increase rates, if the economic and inflation data suggested the need for it.
The Fed's statement did not include the previous note "some additional policy firming may be appropriate,” which was interpreted by some investors that the central bank is open to the possibility of rate hike pause.
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