Fed Hikes 75 Basis Points; Powell Says 75 or 50 Likely in July

The Federal Reserve raised interest rates by 75 basis points -- the biggest increase since 1994 -- and Chair Jerome Powell signaled another big move next month, intensifying a fight to contain rampant inflation.

Slammed by critics for not anticipating the fastest price gains in four decades and then for being too slow to respond, Powell and colleagues on Wednesday intensified their effort to cool prices by lifting the target range for the federal funds rate to between 1.5% and 1.75%.

Federal Reserve Chair Jerome Powell says either a 50 basis-point or 75 basis-point rate hike seems most likely at the next meeting of the central bank’s Federal Open Market Committee. He speaks at a news conference following the Fed’s decision to raise rates by 75 basis points, the biggest increase since 1994.

Source: Bloomberg

He said another 75 basis-point hike, or a 50 basis-point move, was likely at the next meeting of ...