The Federal Reserve is raising interest rates by 3/4 of a percentage point, its biggest hike since 1994, as it seeks to clamp down on inflation.
inflation running at its fastest pace
However, the post-meeting statement removed a long-used phrase indicating that the FOMC"expects inflation to return to its 2 percent objective and the labor market to remain strong." The statement only noted that the Fed"is strongly committed" to the goal. First-quarter growth declined at a 1.5% annualized pace, and an updated estimate Wednesday from the Atlanta Fed, through its GDPNow tracker, put the second quarter as flat. Two consecutive quarters of negative growth is a widely used rule of thumb to delineate a recession.For weeks, policymakers had been insisting that half-point – or 50-basis-point – increases could help arrest inflation.
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