Fed Raises Key Interest Rate to 4.75%-5.00%

The Federal Reserve unanimously decided to raise the federal funds target range by 0.25% to 4.75% to 5.00%. 

In accordance with its December estimate, the Federal Reserve officials predict a quarter-point increase in rates this year, bringing it to a peak range of 5.00% to 5.25%. This is lower than the level markets had expected before the collapse of Silicon Valley Bank. 

The Fed’s statement suggested that recent events could lead to tighter credit conditions for households and businesses, which could weigh on economic activity, hiring, and inflation.

Read more at ConnectMoney.com