The Federal Reserve raised its key interest rate by a substantial three-quarters of a point for a third straight time on Wednesday. AP's Chris Rugaber breaks down the Fed's latest rate hike.
which Democrats hope will boost their prospects in the November midterm elections.
Fed officials now foresee the economy expanding just 0.2% this year, sharply lower than their forecast of 1.7% growth just three months ago. And they envision sluggish growth below 2% from 2023 through 2025. Even with the steep rate hikes the Fed foresees, it still expects core inflation — which excludes volatile food and gas costs — to be 3.1% at the end of 2023, well above its 2% target.to households and businesses.
that he believed a soft landing for the economy was still possible, suggesting that his administration’s recent energy and health care legislation would lower prices for pharmaceuticals and health care.outside analyses suggest it will do little to immediately bring down overall inflation
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