Fed raises rate 7th time in '22

WASHINGTON - The Federal Reserve raised its key interest rate by a half-point on Dec. 14 reinforcing its inflation fight for the seventh time this year and signaling more to come. Fed Chairman Jerome Powell made it clear that higher rates are still needed to fully tame the worst inflation bout of the US economy in 40 years. (Related: Stocks stumble after Fed hikes rates, signals more to come) The central bank boosted its rate range of 4.25% to 4.5%, the highest level in 15 years. The latest move will increase costs to many consumer and business loans. Policymakers forecast a short-term rate will reach up to 5% to 5.25% by the end of the year suggesting it's about to raise its rate an additional three-quarters of a point and leave it there through 2023. (The AP 12/14/22) Fed raises key rate by half-point and signals more to come | AP News