The Latest Breaking News from Jerome Powell

Wall Street braces for rises in borrowing costs in July and September as 8.6% inflation spurs on central bank

The Federal Reserve raised interest rates by 75 basis points — the biggest increase since 1994 — and Chair Jerome Powell said officials could move by that much again next month or make a smaller half-point increase to get inflation under control.

Federal Reserve officials raised their main interest rate by three-quarters of a percentage point — the biggest increase since 1994 — and signaled they will keep hiking aggressively this year, resorting to drastic measures to restrain the rampant inflation they failed to forecast.

Washington (AFP) - The US Federal Reserve announced the most aggressive interest rate increase in nearly 30 years on Wednesday, and said it is prepared to do so again next month in an all-out battle to drive down surging inflation.

Fed confirms 0.75 percentage-point increase as Americans across country hit hard by rising prices and shortages of key items

The Fed put the target range for the federal funds rate at 1.5% to 1.75%, adding that it "anticipates that ongoing increases in the target range will be appropriate."

The SPDR S&P 500 ETF Trust (NYSE: SPY) rebounded a bit from its early week downturn on Wednesday morning ahead of a critical Federal Open Market Committee interest rate decision at 2 p.m. ET. 

Federal Reserve expected to increase cost of borrowing by 0.75 percentage points to curb rising inflation

"If the Fed were to deviate from the market discount, logically it should then be going for a 100 basis point hike," said ING rate strategists.

Stock futures higher as Fed rate bets accelerate; Fed set for bold rate move after weeks of softer guidance; Tech bosses urge Congress to pass bill boosting chip sector support; Biden calls on oil companies to boost refining capacity, gas supplies and Bitcoin nears $20,000 level as global crypto crash…

Washington (AFP) - The US Federal Reserve is set to announce a sharp increase in borrowing costs on Wednesday amid the troubling acceleration of inflation, and forecasters now expect officials to opt for the biggest rate hike in nearly three decades.