U.S. Fed hikes rates in push for 'timelier' drop in inflation — SkimNews
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- The U.S. Federal Reserve raised interest rates by a quarter of a percentage point to address inflation, which remains above its 2% target, according to a Reuters report.
- Reuters reported the central bank flagged further increases in borrowing costs in coming months.
- Kevin Warsh was named in the Reuters report in connection with the rate decision.
Why it matters: A 25 basis point rate hike raises borrowing costs for consumers and businesses on mortgages, credit cards, and loans; with Reuters reporting more increases ahead, the squeeze on household budgets continues.
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