Federal Reserve Chair Jerome Powell holds a news conference following the second day of meetings of the Federal Open Market Committee.
The central bank raised the benchmark borrowing rate by a quarter of a percentage point, as markets have widely predicted.
This marks the 11th rate increase in the Federal Reserve’s latest rate-hiking cycle. It also brings the benchmark borrowing rate to a range of 5.25% and 5.5%. It’s the highest level for the upper-bound of the range since 2001.
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LIVE: Chairman Powell discusses Federal Reserve's 0.25 percentage point interest rate hike — 7/26/23