Fed Raises Interest Rates to 22-Year High

Washington, D.C., July 27, 2023–Yesterday, Fed Chair Jerome Powell announced another quarter-point hike to try to temper inflation, bringing interest rates into the 5.25%–5.50% range for the first time since January 2001.

This is the 11th rate increase since March 2022, when interest rates were raised from nearly zero. And the Fed might not be done: Powell said one more rate hike is still on the table for later this year.