Federal Reserve Raises Interest Rates by Half-Percentage Point
The Federal Reserves announced yesterday that it’s raising interest rates by a half-percentage point marking the first time in 22 years that it’s been raised this much. The decision was made unanimously with all 12 members of the policy-setting Federal Open Market Committee agreeing. In March, the Reserve raised the borrowing rate by a quarter-percentage point for the first time since late 2018. Following the announcement, Chairman Jerome Powell said that additional half-percentage point rate hikes will be on the table during the next few meetings.