In its attempt to bring inflation down to 2%, the Federal Reserve announced its intention to raise interest rates by 25 basis points, raising the target range for the federal funds rate to 4.75% and 5%.
While inflation has come down to 6% for the 12 months ended February from its peak of 9.1% in June, Fed Chair Jerome Powell said that the Federal Open Market Committee is still committed to bringing inflation down to 2% but noted that the path to that target “is likely to be bumpy.”
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