<p><span style="font-weight: 400;">The <a href="https://www.dailywire.com/topic/federal-reserve" target="_blank" rel="noopener">Federal Reserve</a> hiked interest rates to the highest level in 22 years on Wednesday, despite easing inflationary pressures.</span></p>
<p><span style="font-weight: 400;">After two days of deliberation, the Federal Reserve raised the federal funds rate from 5% to a target of 5.25% to 5.5%, explaining in a statement that “additional policy firming (rate increases)” will depend on economic and inflationary indicators allowing the Fed to both hit its 2% inflation goal while maintaining economic growth.</span></p>
<p><span style="font-weight: 400;">“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of </span><span style="font-weight: 400;">these goals, the Committee decided to raise the target range for the federal funds rate to 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its </span><span style="font-weight: 400;">implications for monetary policy,” the statement continued.</span></p>
<p><span style="font-weight: 400;">The hike received unanimous support from the Federal Reserve Board and is in keeping with the 11 hikes since March of 2022, despite a short pause in June, per </span><a href="https://www.cnbc.com/2023/07/26/fed-meeting-july-2023-.html"><span style="font-weight: 400;">CNBC</span></a><span style="font-weight: 400;">. Fed Chair Jerome Powell said in late June that — despite the lack of a rate increase that month — inflation was still too high, and that its persistent rate above the target of 2% would likely lead to more “restriction” on monetary policy.</span></p>
<p><span style="font-weight: 400;">Inflation has been slightly cooling off in the past several months, with the consumer price index, according to CNBC, settling at 3% on a yearly basis in June, down from 9.1% in June 2022. Despite this, the Fed has maintained the most aggressive consecutive hike in interest rates since the 1980s, which featured even higher inflation rates.</span></p>
<p><span style="font-weight: 400;">Although inflation has relatively decreased since its meteoric peaks in the past three years, the Fed is committed to bringing it all the way down to the target of 2%, with the FOMC hinting at further rate hikes in the months of September and November to further bring down inflation.</span></p>
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<p><span style="font-weight: 400;">Greg McBride, senior vice president and chief financial analyst for Bankrate, concurs with the Fed’s sentiment, telling </span><a href="https://www.nbcnews.com/business/economy/interest-rate-hike-july-2023-how-much-higher-federal-reserve-rcna96210"><span style="font-weight: 400;">NBC</span></a><span style="font-weight: 400;">, &#8220;Inflation remains stubbornly high.&#8221;</span></p>
<p><span style="font-weight: 400;">&#8220;The economy has been remarkably resilient, the labor market is still robust, but that may be contributing to the stubbornly high inflation,&#8221; he said. &#8220;So, Fed has to pump the brakes a bit more.”</span></p>

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