Fed hikes rates to highest since dotcom bubble as anti-inflation campaign winds down
Following a two-day meeting of its Federal Open Market Committee in Washington, D.C., the central bank announced that it would be raising rates by a quarter of a percentage point.The central bank’s key overnight rate will rise to a range of 5.25% to 5.5%. That is higher than it has been in decades. In 2006, amid the housing bubble, the Fed targeted a short-term rate of 5.25%. The last time it sought a rate as high as 5.
Recent reports show that inflation is meaningfully falling, but the hike is a sign that the central bank still sees too-high inflation as a larger threat to the economy than an economic slowdown. The decision follows more than a year of, at times, very aggressive rate hikes. Unemployment is historically low. The national economy added 209,000 jobs in June, according to the Bureau of Labor Statistics, and the unemployment rate is hovering around 3.7% — near the ultra-low level it was at prior to the pandemic.
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