The Fed raised interest rates for the fourth time in a row by 75 basis points, raising the target range to 3.75%-4%, the highest level since January 2008. However, job growth surpassed estimates in October, with nonfarm payrolls growing by 261,000.
President Joe Biden said, "Our economy continues to grow and add jobs even as gasoline prices continue to come down." He added that despite high prices, there are "bright spots" where the country is rebounding.
