The move comes amid ongoing fragility in the banking sector triggered partly by higher interest rates, and following the collapse of three regional banks. The Fed’s post-meeting statement re-emphasized the central bank’s commitment to bringing down inflation, and left additional rate increases a possibility, depending on developments in the financial system and on inflation.
The Fed also noted that tougher lending standards are likely to slow the economy, which could help the central bank achieve its targeted inflation goal. “Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation,” the statement said. “The extent of those effects remains uncertain.” This story is developing and will be updated.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why the Fed will likely raise rates two days after First Republic failed | CNN BusinessFor the second time this year, the Federal Reserve is gearing up to raise interest rates right after a bank failure.
Source: CNN - 🏆 4. / 95 Read more »
What to expect from the Fed meeting | CNN BusinessFederal Reserve officials are expected to raise interest rates by a quarter point at the conclusion of their two-day policy meeting Wednesday, despite calls from some lawmakers and economists to tap the brakes to allow the ailing banking sector to rebalance.
Source: cnni - 🏆 326. / 59 Read more »
Tuesday Morning is going out of business and closing all of its stores | CNN BusinessTuesday Morning is going out of business and closing all of its stores. It is the second major US home goods retailer to go bust in recent days.
Source: CNN - 🏆 4. / 95 Read more »
Fed playbook: Which stocks to buy or sell depending on what the Fed doesCNBC Pro screened for names screened that are the most sensitive to interest rates by looking at the 100-day correlation between each S&P 500 stock and SHY ETF.
Source: CNBC - 🏆 12. / 72 Read more »
Job openings tumble to lowest point in nearly two years | CNN BusinessThe number of open jobs in the United States has dropped to the lowest level since May 2021, a reflection of a labor market that is slowly settling back into balance after the Federal Reserve's yearlong campaign to cool off the economy.
Source: CNN - 🏆 4. / 95 Read more »