The Fed increased its benchmark interest rate by 25 basis points on Wednesday to between 4.75% and 5%, its highest level since September 2007.
The increase marks the Fed’s ninth straight rate hike since the central bank began raising rates in March 2022.
- Fed Chair Jerome Powell said officials considered delaying a rate hike following weeks of stress with the banking sector.
- Powell signaled the central bank could suspend future hikes until the dust settles.
- All 11 Fed officials on the Federal Open Market Committee agreed to the 0.25% rate increase.
- U.S. stocks fell on Wednesday following the rate hike.
- The Dow lost 530.49 points, or 1.63%, the S&P 500 fell 1.65%, and the Nasdaq lost 1.6%.
