Wall street edged lower on crucial data announcement
The Federal Reserve increased interest rates by 0.5% on Wednesday, setting the stage for future rate increases to go more slowly. However, the Fed also hinted that rates would need to rise higher than anticipated because inflation is still much over target.
The Federal Open Market Committee, or FOMC, increased its benchmark rate from 3.75% to 4% to a range of 4.25% to 4.5%. The action represented a deceleration from the rate rises of 0.75% witnessed at the four previous sessions. Inflation has started to slow down due to the rapid rate increases, which are the steepest since the 1980s.