Fed Raises US Rates by a Quarter Point, Signaling Possible Pause

The Federal Reserve raised interest rates by a quarter percentage point and hinted it may be the final move in the most aggressive tightening campaign since the 1980s as economic risks mount. From a report: "The committee will closely monitor incoming information and assess the implications for monetary policy," the Federal Open Market Committee said in a statement Wednesday. It omitted a line from its previous statement in March that said the committee "anticipates that some additional policy firming may be appropriate." Instead, the FOMC will take into account various factors "in determining the extent to which additional policy firming may be appropriate." The increase lifted the Fed's benchmark federal funds rate to a target range of 5% to 5.25%, the highest level since 2007, up from nearly zero early last year. The vote was unanimous. US equities maintained gains, while Treasury yields and the dollar declined.

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