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Essentials of Monetary Policy

The Federal Reserve Raises Rates Another 75 Points in Its Ongoing Battle against Inflation

September 21, 2022
Francis Généreux
Principal Economist

The Federal Reserve (Fed) decided to raise the target range for the federal funds rate by 0.75 %. It is now in a range of 3.00% to 3.25%. The Fed anticipates that ongoing increases in the target range will be appropriate. The Fed is strongly committed to returning inflation to its 2% objective. The Fed continues to fight inflation, and there’s no sign it’ll let up anytime soon. On the contrary, more rate hikes are on the way this year and maybe even next if inflation doesn’t come down fast enough.