The Federal Reserve slowed its drive to rein in inflation and said further interest-rate hikes are in store as officials debate when to end their most aggressive tightening of credit in four decades.
Policymakers lifted the Fed’s target for its benchmark rate by a quarter percentage point to a range of 4.5% to 4.75%. The smaller move followed a half-point increase in December and four jumbo-sized 75 basis-point hikes prior to that.
The unanimous decision by the Federal Open Market Committee was in line with financial market expectations.
Markets are forecasting a pivot after the June meeting in 2023.
The face of The Federal Reserve. Although Yellen is now Biden’s Secretary of Treasury.
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