Fed raises its key interest rate to 5.25-5.5%

12:00 - 27.07.2023

July 27, Fineko/abc.az. The U.S. Federal Reserve System (FRS), which performs the functions of the country's central bank, raised the base rate by 25 bps, to 5.25-5.5%, following the July meeting, ABC.AZ reports, referring to the Fed.

"The Committee (TASS note: Federal Open Market Committee, FOMC) aims to achieve maximum employment and inflation at 2% in the long-term prospect. In support of these goals, the Committee decided to raise the target range of the federal funds rate to 5.25-5.50%," Fed says.