Fed raises interest rates again amid calls to pause the hikes

The nation's central bank is keeping its foot on the gas pedal when it comes to fighting inflation.

On Wednesday, the Federal Open Market Committee announced it is increasing interest rates by 25 basis points for the second time this year. This announcement comes on the heels of positive economic data — inflation slowed in February as the labor market stayed hot, — but as Fed Chair Jerome Powell has previously indicated, there's still more work to be done to get the US to its pre-pandemic goal of a 2% inflation level.."This process is likely to take quite a bit of time," he added."It's not going to be, we don't think, smooth. It's probably going to be bumpy.

For months now, some Democratic lawmakers have been urging Powell to pause the rate hikes — especially now, following a . Two weeks ago, federal regulators shut down Silicon Valley Bank, and later bailed out the bank's depositors, in a move that drew criticism from both sides of the aisle.

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Source: NPR - 🏆 96. / 63 Read more »