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US Federal Reserve raises rates to 22-year-high as it continues fight against inflation
euronews (in English)
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27/07/2023
The latest quarter-percentage-point rise, which was in line with analysts' expectations, is the Fed's 11th since it began an aggressive campaign of monetary tightening last March in response to rising prices.
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00:00
The United States Federal Reserve has raised interest rates to a 22-year high
00:05
as it continues its fight against rising inflation.
00:08
The decision to increase rates by a quarter percentage point to a range of 5.25 to 5.5
00:14
percent comes after the Fed paused its rate-raising cycle last month.
00:20
It marks the 11th increase since early 2022, when the Fed started raising borrowing costs
00:27
to try to cool the economy and to ease rising prices.
00:31
Restoring price stability is essential to set the stage for achieving maximum employment
00:36
and stable prices over the longer run.
00:38
To conclude, we understand that our actions affect communities,
00:42
families and businesses across the country.
00:44
Everything we do is in service to our public mission.
00:48
We at the Fed will do everything we can to achieve our maximum employment
00:52
and price stability goals.
00:54
The US economy has remained robust despite the 11 rate rises the Fed has now implemented,
01:00
its most aggressive rate-raising cycle in 40 years.
01:04
Hiring has slowed but remained strong,
01:07
and the unemployment rate is still close to a record low.
01:10
The Fed's hike comes ahead of a similar meeting of the European Central Bank,
01:15
which is under pressure to signal an end to interest rate rises.
01:20
Eurozone banks have reported a sharp fall in demand for business loans
01:25
to its lowest level on record, likewise with home loan demand.
01:29
However, the ECB remains determined to bring inflation back down to its 2% target,
01:36
and that means a rate rise is still on the cards.
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