The Federal Reserve on Wednesday approved another 0.75-point interest rate hike, continuing its policy of monetary tightening in an effort to combat inflation.
The latest increase brings the short-term borrowing rate to a target range of 3.75%–4%, the highest level since 2008.
The statement also said that in determining future increases, the Fed would consider the lags in the effects of monetary policy, and their cumulative effect.
Federal Reserve Chair Jerome Powell squashed hopes for a pivot or rate cut, saying in a press conference that more increases are coming.
Incoming data between the latest meetings “do suggest to me that we may ultimately move to higher [interest rate] levels than we thought,” Powell said.
“We still think theres an ongoing need for rate increases and we have some ground left to cover here, and cover it we will,” he said.
