Federal Reserve raises interest rates

COLUMBIA, S.C. (CNN)— This afternoon, the Federal Reserve raised it’s interest rate by a quarter of a point.

The unanimous decision puts the key benchmark federal funds rate at a range of 5.25% to 5.5% which is the highest it’s been since 2001.

This marks the 11th rate increase since March of 2022.

The Fed is scheduled to meet three more times this year in September, November and December and rates could also be raised during those times too.

 

 

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