The central bank's rate-hike announcement shifted away from words like 'ongoing increases' toward 'some additional firming.'
Despite the recent banking turmoil driven in part by the Federal Reserve's aggressive interest rate hikes, the central bank continued its efforts to curb inflation on Wednesday, raising rates by another quarter point.
But the sharp rate rises of the past year were partially to blame for the collapse of Silicon Valley Bank, and there were concerns that another rate hike could further harm banks holding long-maturing Treasury bonds that had sunk in value as rates soared. Market watchers say this week's 25 basis points increase shows that Powell is trying to both fight inflation and prevent a prolonged banking crisis.
The statement contained some significant changes from last month's, notably shifting away from wording like"ongoing increases" toward"some additional firming."
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