As expected by virtually every expert that GlobeSt.com has heard from for weeks, the Federal Reserve's Federal Open Market Committee (FOMC) announced that it would raise the benchmark federal funds rate range 0.25 percentage points to 5% to 5.25%.
Given the three bank failures in two months and concerns that further actions could tip the economy into recession, this has been a more criticized interest rate decision than several preceding ones.
The Fed said that it approved the latest increase in "support of these goals" to "achieve maximum employment and inflation at the rate of 2 percent over the longer run."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
