CompaniesBIO

Battling inflation that remains at four-decade highs, the Federal Reserve said Wednesday it hiked its key interest rate by another 0.75%. "Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures," the Fed said in its statement Wednesday. It added it is "strongly committed to returning inflation to its 2% objective."  The rate hikes this year have unfolded against the backdrop of a consumer price index that has remained elevated. In September, it clocked in at 8.2% on an annual basis. Food and energy price increases were higher. Even stripped of those two items, whose price swings tend to be more volatile, the index saw its largest increase since 1982. In a press conference following the release of the central bank's statement, Fed Chairman Jerome Powell said Americans can expect more rate increases , though perhaps not of the same magnitude as the most recent ones. ...

U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve on September 21, 2022 in Washington, DC. Drew Angerer | Getty Images Federal Reserve officials have been surprised at the pace of inflation and indicated at their last meeting that they expect higher interest rates to remain in place until prices come down, according to minutes released Wednesday from the central bank's September meeting. In discussions leading up to a 0.75 percentage point rate hike, policymakers noted that inflation is especially taking its toll on lower-income Americans. They reiterated rate hikes are likely to continue and higher rates prevail until the problem is showing signs of resolving. "Participants judged that the Committee needed to move to, and then maintain, a more restrictive policy stance in order to meet the Committee's legislative mandate to promote ...