At the conclusion of the FOMC meeting, the Fed announced its third straight 75-bp rate hike. The target federal funds rate is now 3.00%-3.25%. This is now far above the peak of the last rate hiking cycle (2015-2018). We haven’t seen federal funds rates this high since early 2008.
Today’s FOMC Statement is actually very close to the July Statement. Below are excerpts from today’s FOMC policy statement that covers the rate decision:
All voting members voted in favor of today’s policy action.
In addition to the statement, the Fed released its quarterly...
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