It’s the first time in 22 years
that the central bank has hiked rates this much.
In March, it ramped up its benchmark borrowing rate for the first time
since late 2018, increasing it by a quarter-percentage point.
Americans are struggling with rising costs everywhere from the grocery store to the gas pump. And with the Russia-Ukraine conflict
still raging, price pressures on food and energy are unlikely to abate any time soon.
Fed Chairman Jerome Powell will address reporters at the first in-person press conference since before the pandemic at 2:30 p.m. ET.
As of June, the Fed will also start rolling off its massive balance sheet, which got bloated during the pandemic.
This is a developing story. It will be updated.
Fed raises interest rates by half a percentage point