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US Federal Reserve raises cash rate target by 0.75%
16 June 2022
- The Federal Reserve raised its benchmark interest rates three-quarters of a percentage point in its most aggressive hike since 1994.
- According to the “dot plot” of individual members’ expectations, the Fed’s benchmark rate will end the year at 3.4%, an upward revision of 1.5 percentage points from the March estimate.
- Officials also significantly cut their outlook for 2022 economic growth, now anticipating just a 1.7% gain in GDP, down from 2.8% from March.
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