Fed raises interest rates half a point to highest level in 15 years
watch now VIDEO 3:08 03:08 Federal Reserve raises interest rates by 50 basis points Power Lunch The Federal Reserve on Wednesday raise d its benchmark interest rate to the highest level in 15 years , indicating that the fight against inflation is not over yet despite some promising signs lately. Keeping with expectations, the rate-setting Federal Open Market Committee voted to boost the overnight borrowing rate half a percentage point, taking it to a targeted range between 4.25% and 4.5%. The increase broke a string of four straight three-quarter point hikes, the most aggressive policy moves since the early 1980s. related investing news The worst of inflation is likely over, but the worst for the economy probably isn't Jeff Cox a day ago Along with the increase came an indication that officials expect to keep rates higher through next year, with no reductions until 2024. The expected "terminal rate," or point where officials expect to end the rate hikes, was put at 5.1...