The Federal Reserve Raised Interest Rates Again in July 2022

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Viva Budy Kusnandar 28/07/2022 11:10 WIB

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The Federal Reserve raised its benchmark interest rate by 75 basis points (bps) to a range of 2.25%-2.5% at the end of July 2022.

The Fed's Interest Rate (January-July 2022)

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The Federal Reserve Raised Interest Rates Again in July 2022

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The Fed's Interest Rate (January-July 2022)

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The United States Federal Reserve (The Fed) raised its benchmark interest rate by 75 basis points (bps) to a range of 2.25%-2.5% at the end of July 2022.

This marks the fourth interest rate hike since the beginning of the year. Cumulatively, The Fed's interest rate increases have reached 225 bps between January and July 2022.

The Fed noted that recent indicators of spending and production in the United States have softened. However, labor demand remains high, and unemployment figures have stayed low in recent months.

Nevertheless, inflation in the US remains high, reflecting supply and demand imbalances, particularly due to soaring food and energy prices that are driving broader price increases.

"The invasion of Ukraine by Russia has caused immense human and economic suffering. The war and related events have created additional upward pressure on inflation and are weighing on global economic activity," The Fed explained in a press release on Wednesday, July 27, 2022.

"The Committee seeks to foster maximum employment and to stabilize prices at 2 percent over the longer run," it continued.

Annual US inflation reached 9.1% in June 2022. The rise in energy and food commodity prices has pushed US inflation to its highest level in four decades.

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."