WASHINGTON, D.C. – The Federal Reserve raised interest rates again on Wednesday by another 0.75%. This is the fourth straight rate hike of that amount.
The decision comes as inflation levels continue to plague the U.S. economy, pushing the cost to borrow money up even further. Mortgage rates hit an almost 20-year-high. The inflation is triggering concerns of a possible recession.
Fed Chair Jerome Powell acknowledged those concerns, but said persistent inflation would bring greater economic suffering than a recession would.
And the Fed isn’t done yet. It’s likely to enact another half a percentage hike in December.
© 2023 KOBI-TV NBC5. All rights reserved unless otherwise stated.