THE NEW YORK TIMES: Federal Reserve officials raised interest rates to their highest level in 22 years, continuing their 16-month-long campaign to wrestle inflation lower by cooling the American economy.
Officials pushed rates to a range of 5.25 to 5.5 percent, their highest level since 2001, while leaving the door open to further rate increases in the statement announcing their unanimous decision. Jerome H. Powell, the Fed chair, is speaking [in the accompanying video] to journalists to explain the move — and, potentially, to offer some hint at how the central bank is thinking about its next step. (+ video) » | Jeanna Smialek | Wednesday, July 26, 2023
