The Federal Reserve unanimously approved a quarter-point interest rate hike on Wednesday, slowing the pace of its increases in a clear sign that the central bank is accepting the progress in its fierce battle with inflation. The central bank's benchmark overnight lending rate is now 4.50%-4.75%.
While the Fed officials are slowing rate hikes after months of unusually aggressive action, the central bank is far from declaring victory. Fed Chair Jerome Powell added that unless the economic trajectory changes drastically, he doesn’t expect to cut rates this year.
