Currently at 5 percent.
Federal Reserve officials raised interest rates a quarter of a percent Wednesday. Rates are now at their highest since 2007. This increase is yet another step in the attempt to slow inflation and bring it down to a 2 percent growth.
“We will stay with the program until the job is done,” Fed Chairman Jerome Powell said in announcing the rate hike. He did, however, signal that the Fed may pause further increases, providing time to more clearly assess the fallout from the failures of regional banks recently, as well as a resolution of the U.S. debt ceiling.
As the Lord Leads, Pray with Us…
- For wisdom for Chairman Powell as he heads the Federal Reserve.
- For Federal Reserves members to be discerning in their assessments of inflation and banking issues.
Sources: Reuters, NY Times
