U.S. Fed hikes interest rates by 25 basis points

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U.S. Fed hikes interest rates by 25 basis points

STORY: U.S. Fed hikes interest rates by 25 basis points DATELINE: July 27, 2023 LENGTH: 00:01:31 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. various of the press conference 2. various of exterior of the U.S. Federal Reserve STORYLINE: The U.S. Federal Reserve on Wednesday raised its benchmark interest rates by 25 basis points to the range of 5.25 to 5.5 percent, the highest level in over two decades, as it continues to ramp up its fight against inflation. It is the 11th interest rate increase since the Fed began its aggressive rate hiking campaign in March 2022, taking the federal funds rate to its highest level since early 2001. "Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated," the Federal Open Market Committee (FOMC), the Fed's policy-setting body, said in a statement on Wednesday afternoon, after a two-day policy meeting. The FOMC "s

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