Fed Raises Rates to 22-Year High, Holds Off on Further Hikes While Eyeing Inflation's Uncertain Path
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The Federal Reserve has raised interest rates to a 22-year high of 5.25-5.5% to fight inflation, but held off on further hikes for now.
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Fed Chair Jerome Powell said more rate hikes are possible if needed to get inflation down to 2% target.
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Inflation has eased from a 40-year high of 9.1% in June to 3.7% in September, but the path forward is uncertain.
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Powell said the Fed must balance risks of overtightening rates versus letting inflation spike again.
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Powell's speech was interrupted by climate protesters, prompting someone off camera to say "Just close the f---ing door."