On Wednesday, the Federal Reserve raised benchmark rates for the sixth time since the financial crisis, following the conclusion of its two-day meeting, the first under new Chairman Jerome Powell, CNBC reports.
The hike, of a quarter of a point, raised the Fed's key rate from 1.5 percent to 1.75 percent, its highest level in a decade. The Fed additionally signaled it would raise the rate two more times this year and three times in 2019. "The economic outlook has strengthened in recent months," the committee said in a statement.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Today's political cartoons - February 23, 2025Cartoons Saturday's cartoons - loser's game, unexpected consequences, and more
-
5 slow on the draw cartoons about Democrats' response to TrumpCartoons Artists take on taking a stand, staying still as a statue, and more
-
A road trip through ZimbabweThe Week Recommends The country is 'friendly and relaxed', with plenty to see for those who wish to explore
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
