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US Fed raises interest rates by 0.25 points

dw.com

US Fed raises interest rates by 0.25 points

The central bank appears to be slowing on its aggressive approach of hiking interest rates to tame soaring prices. The US Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, continuing a more moderate course following a series of aggressive hikes to tackle inflation. Inflation has "eased somewhat but remained elevated," according to a statement by the policy-making Federal Open Market Committee (FOMC). The statement came after two days of policy meeting and added that recent indicators "point to modest growth in spending and production" as economic activity eases. This put the Fed funds target range at 4.50% to 4.75%. The quarter-point hike is the smallest increase since the Fed first hiked rates in March last year and also marks a return to the more traditional interest rate policy. Prior to December, the central bank raised rates by 75 basis point four times in a row in an usually aggressive approach to tackle soaring prices and slow the economy. This is a developing story. Please check back for updates. rm/nm (Reuters, AP)
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