The Federal Reserve has again raised interest rates by 0.75%, marking the third mega interest rate hike in a row. This brings the benchmark interest rates to a new range of 3.0% to 3.25%, which is its highest level since 2008.
Jerome Powell has reiterated the central bank’s commitment to bring down inflation to a target 2% rate. Powell has also noted that a soft landing where the economy avoids a recession would be challenging. Officials now expect the rates to be 4.4% by the end of this year and 4.6% by the end of 2023.
