Federal Reserve News Conference on Interest Rates

As expected, Federal Reserve Chair Jerome Powell announced 0.75 percentage point rate hike aimed at curbing inflation. It was the sixth rate increase of 2022. His announcement came at a news conference following a Federal Open Market Committee (FOMC) meeting. This committee meets eight times a year to make monetary policy decisions based on economic data and conditions. Chair Powell also answered question about the labor market, wage growth, and concerns of a global recession. close

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