The Fed Raises Interest Rates Amid IMF's Bleak Mid-2023 Projections

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Adi Ahdiat 27/07/2023 11:11 WIB

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The U.S. Federal Reserve (The Fed) raised its benchmark interest rate to a range of 5.25%-5.5% in July 2023, the highest level in two decades. This increase was announced after the IMF released a glo

The Fed's Interest Rate Movement (January 2001-July 2023)

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The Fed's Interest Rate Movement (January 2001-July 2023)

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The United States Federal Reserve (The Fed) raised its benchmark interest rate by 25 basis points to a range of 5.25%-5.5% in July 2023.

This is the eleventh interest rate hike since the start of the Russia-Ukraine war in early 2022, and marks the highest Fed interest rate in two decades.

The Fed hinted at the possibility of further interest rate increases in the future. In June 2023, US inflation remained at 3%, while the Fed aims to lower it to 2%.

"In determining the appropriate level of additional policy tightening needed to return inflation to 2 percent, the Committee will take into account the cumulative tightening of monetary policy, its effects on economic activity and inflation, and financial developments," the Fed Committee stated in a press release on Wednesday, July 26, 2023.

Days before the Fed announced this interest rate hike, the International Monetary Fund (IMF) released a rather gloomy economic projection for the US.

In its July 2023 World Economic Outlook (WEO) report, the IMF projected that US economic growth would slow from 2.1% in 2022 to 1.8% in 2023, and further decline to 1% in 2024.

This economic slowdown is also predicted to affect other developed countries, including Canada, the UK, Germany, France, and Italy.

"About 97 percent of advanced economies are projected to have lower growth in 2023," the IMF stated in its report.

The weakening of developed economies is then predicted to drag down global economic growth from 3.5% in 2022 to 3% in 2023.

"Advanced economies continue to drive down global growth from 2022 to 2023, with weaker manufacturing performance," said the IMF.

"The growth slowdown in 2023 reflects not only the direction of global demand, but also a shift in the composition of demand toward domestic services, reflecting the effects of US dollar appreciation and rising trade barriers," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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The Fed Raises Interest Rates Amid IMF's Bleak Mid-2023 Projections

The Fed Raises Interest Rates Amid IMF's Bleak Mid-2023 Projections

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The Fed Raises Interest Rates Amid IMF's Bleak Mid-2023 Projections

The Fed Raises Interest Rates Amid IMF's Bleak Mid-2023 Projections

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