The federal open market committee of the US. The federal reserve, announced on Wednesday (22/3/2023), that it would raise its federal fund's rate by 25 basis points to between 4 points 7-5 and 5%, the highest level since October 2007.
It also marks the ninth consecutive rate increase since March 2022.
At a news conference on Wednesday, federal reserve chair Jerome Powell said that the process of getting inflation back down to 2%, has a long way to go and is likely to be bumpy.
Despite market hopes amid a banking crisis. The central bank leader also said that rate cuts are not in base case for the remainder of 2023.