The Federal Reserve cut interest rates on Wednesday for the first time since the COVID-19 pandemic. Many observers of Fed activity had predicted a quarter-point reduction but the central bank wound up cutting rates by a half-point.
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Federal Reserve Chairman Jerome Powell on Friday indicated the bank is prepared to start cutting its key interest rate from its 23-year high, as inflation falls to more historic rates and the job market cools.
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The Federal Reserve on Wednesday decided to hold interest rates steady at a 23-year high, a decision that was expected.
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The Federal Reserve announced on Wednesday that it would not change its benchmark federal funds rate, but does project rate cuts later this year.
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Small businesses are feeling the effects of the Federal Reserve’s interest rate hikes as tightening credit puts more businesses and workers in dangerous positions, according to The New York Times.
Interest payments for small businesses will rise to about 7 percent of revenues next year on average, as opposed to being just 5.8 percent of revenues in 2021, according to the NYT. The Fed has raised its federal funds rate to a range of 5.25 percent and 5.50 percent following a series of 11 hikes that started in March 2022, bringing the rate to its highest point in 22 years.
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The Federal Reserve on Wednesday raised interest rates by 25 basis points, issuing an 0.25 percent hike in line with earlier expectations in a move that signals a rate slowdown in the Fed’s fight against inflation. The Fed said in a statement that its Federal Open Market Committee “anticipates that ongoing increases in the target range” will still be necessary “in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time,” a sign that the central bank will be looking to more rate hikes in the near future.
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The Federal Reserve announced an interest rate hike of 0.75 percentage points, bumping the range of the federal interest rate to between 3.75% and 4% following a Wednesday meeting of Fed policymakers.
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“Our expectation has been we would begin to see inflation come down, largely because of supply side healing. We haven’t. We have seen some supply side healing but inflation has not really come down.”
That was Federal Reserve Chairman Jerome Powell on Sept. 21, speaking to reporters following the central bank’s meeting where the Federal Funds Rate was once again increased 0.75 percent to its current range of 3 percent to 3.25 percent in a bid to combat sticky 8.3 percent consumer inflation the past year.
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