Fed raises interest rates by 75 basis points
US Federal Reserve raised the short-term benchmark interest rate by three quarters of a percentage point or 75 basis points on Wednesday
By Yashasvini Razdan
Published - Jun 15, 2022, 03:17 PM ET
Last Updated - Mar 04, 2024, 07:58 AM EST
• The interest rate will now range between 1.5% and 1.75%
The US Federal Reserve raised the short-term benchmark interest rate by three quarters of a percentage point or 75 basis points on Wednesday.
The Federal Open Market Committee’s (FOMC) decision will now throw the rate between a range of 1.5% and 1.75%. This is the largest increase in interest rates Fed since 1994.
According to the “dot plot” of individual members’ expectations, the Fed’s benchmark rate will end the year at 3.4%, an upward revision of 1.5 percentage points from the March estimate.
