Highlights: US Fed FOMC Announces 75 Bps Rate Hike To 3.75-4%; Highest Since 2008 - Check Powell's Commentary Here - News, Updates
LIVE UPDATES US Fed Reserve FOMC Meeting November 2022 Date, Time, Press Conference News: The FOMC holds eight regularly scheduled meetings during the year and other meetings as needed. The US Fed Reserve FOMC Meeting for November 2022 is taking place on 1st and 2nd of November 2022.
The Federal Reserve on Wednesday raised interest rates by three-quarters of a percentage point as it continued to battle the worst outbreak of inflation in 40 years, but signaled future increases in borrowing costs could be made in smaller steps to account for the "cumulative tightening of monetary policy" it has enacted so far.
The US central bank has raised rates at its last six meetings beginning in March, marking the fastest round of increases since former Fed Chair Paul Volcker's fight to control inflation in the 1970s and 1980s.
LIVE UPDATES US Fed Reserve FOMC Meeting November 2022 Date, Time, Press Conference News: The FOMC holds eight regularly scheduled meetings during the year and other meetings as needed. The US Fed Reserve FOMC Meeting for November 2022 is taking place on 1st and 2nd of November 2022.
The Federal Reserve on Wednesday raised interest rates by three-quarters of a percentage point as it continued to battle the worst outbreak of inflation in 40 years, but signaled future increases in borrowing costs could be made in smaller steps to account for the "cumulative tightening of monetary policy" it has enacted so far.
The US central bank has raised rates at its last six meetings beginning in March, marking the fastest round of increases since former Fed Chair Paul Volcker's fight to control inflation in the 1970s and 1980s.
Latest Updates
Powell On Rate Hike Outlook
"It is premature to consider pausing. If we don't get the inflation down, it will become entrenched. We will update our estimate of where rates will need to go in December."
US Federal Reserve to begin discussing slower rate hikes in December: Jerome Powell
US Fed Chair Jerome Powell Says
“We are firmly committed to lowering inflation and we have resolve.”
“The ultimate level of rates will be higher than previously expected.”
US Market After Rate Hike
The Dow Jones Industrial Average rose 220.81 points, or 0.68%, to 32,874.01, the S&P 500 gained 13.5 points, or 0.35%, to 3,869.6 and the Nasdaq Composite added 12.89 points, or 0.12%, to 10,903.73.
US Indices Jump After Rate Hike
US stocks erased losses as the Fed Reserve signaled its most-aggressive rate campaign since the 1980s to curb inflation, with traders now awaiting to hear more details from Chair Jerome Powell.
White House On Rate Hike
The Fed's latest move to raise its benchmark interest rate will help to bring down inflation, and a rise in mortgage rates should cool inflation in the housing market, Karine Jean-Pierre Press Secretary of the White House said.
The unanimous decision lifts the target for the benchmark federal funds rate to a range of 3.75% to 4%, its highest level since 2008.
What FED Says
The vote was unanimous; growth in spending and production was modest.
The Russia-Ukraine war is still a source of inflation pressure, which remains elevated.
The US Federal Reserve hikes rates by 75 bps. This is its fourth hike in a row of that caliber, as it battles high inflation.
US Market Update
Stocks fall as investors brace for the Federal Reserve’s latest rate decision. In the early trade, Dow Jones Industrial Average tumbles 138 points, or 0.4%. The S&P 500 and Nasdaq Composite shed 0.4% each.
Traders expect federal funds rate to rise 75 basis points
The FOMC holds eight regularly scheduled meetings during the year and other meetings as needed.
Fed to release policy statement at 2 p.m. EDT (1800 GMT) - 11:30 pm Wednesday, Indian Standard Time (IST)
"Since the market has already priced in a 75 bps rate hike by the Fed, market movement will be determined by their comments on its next moves," said Vinod Nair, Head of Research at Geojit Financial Services.
Investors are also cautious ahead of the US Federal Reserve's meeting on interest rates.
Investors are also cautious ahead of the US Federal Reserve's meeting on interest rates.