The Fed said it will continue to 'assess' whether further hikes are necessary.
The Federal Reserve on Wednesday resumed its most aggressive hiking campaign in four decades, raising interest rates to a 22-year high and teasing the possibility of further action.Key Facts
The Fed’s Open Market Committee unanimously decided at its meeting this week to bump the federal funds rate by 25 basis points to 5.25% to 5.5%, sending rates to their highest level since 2001., the Fed said it will continue to “assess” the macroeconomic and fiscal backdrop, signaling further hikes may be on the horizon.
Otherwise, the central bank’s statement was opaque, with the only notable change from its June announcement was modifying its description of economic growth from “modest” to “moderate,” as“The statement left the door open for another rate hike if the data dependent Fed deems it necessary, but the tone of the statement was more neutral rather than decidedly dovish or hawkish,” LPL Financial’s chief global strategist Quincy Krosby explained in emailed comments.
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