[FoxBusiness] The three-quarter percentage point hikes in June and July — the first since 1994 — underscore just how serious Fed officials are about tackling the inflation crisis after a string of alarming economic reports. Policymakers voted unanimously to approve the latest super-sized hike.
The move puts the key benchmark federal funds rate at a range of 2.25% to 2.50%, the highest since the pandemic began two years ago. It marks the fourth consecutive rate increase this year.
Policymakers signaled in their post-meeting statement that additional increases are likely in the coming months as they remain "strongly committed to returning inflation to its 2% objective."
Unfortunately, the Fed had made almost no progress unwinding the $6Trillion QE pile of debt they hold. They keep making noises about this but action is slow
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