Fed raises key interest rate by 0.25 point, slowing pace of hikes
The Federal Reserve, as expected, raised its benchmark rate for the eighth time in a row by a quarter of a percentage point – to a range of 4.5% to 4.75%.
However, the quarter-point hike was the smallest in nearly a year since the Fed began tightening policy and followed a series of supercharged hikes, including one in December.
The Fed's decision boosted recession-wary investors' hopes that the central bank would consider pausing its policy tightening effort in the near future.
The Federal Reserve, as expected, raised its benchmark rate for the eighth time in a row by a quarter of a percentage point – to a range of 4.5% to 4.75%.
However, the quarter-point hike was the smallest in nearly a year since the Fed began tightening policy and followed a series of supercharged hikes, including one in December.
The Fed's decision boosted recession-wary investors' hopes that the central bank would consider pausing its policy tightening effort in the near future.