Federal Reserve Officials Raise Interest Rates Once Again

This marks the highest rate in 17 years and the 10th consecutive raise since march of last year.

As most expected, the Federal Reserve decided on Wednesday, to once again raise interest rates.

The quarter-point hike, raises the rate to a range of 5% to 5.25%. This marks the highest rate in 17 years and the 10th consecutive raise since march of last year.

This hike is expected to further slow economic activity as it drives up rates for credit cards, adjustable-rate mortgages, and other loans.

The increase boosts the federal funds rate above the consumer inflation rate, which is believed to slow the economy enough to curb inflation.

Tackling inflation remains as the fed’s top priority at this time.