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The Federal Reserve voted to raise the benchmark federal funds rate by 50 basis points, to a target range of 4.25–4.5 percent at the December policy-setting meeting of the Federal Open Market Committee (FOMC), the highest level since late 2007.
In total, the Federal Reserve has raised interest rates seven times since March, totaling 425 basis points.
The Fed thinks that inflation is still too high, and policymakers are monitoring the wide range of risks. In order to establish the pace of rate hikes, the central bank will look at cumulative tightening, economic and financial developments, and policy lags.
“Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” the FOMC said in a statement....