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US Federal Reserve Raises Interest Rates for the 10th Time in 14 Months to Tackle Inflation

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The US Federal Reserve has raised interest rates for the 10th time in 14 months to tackle inflation, bringing the benchmark rate to between 5% and 5.25%.[0] The Fed is considering additional hikes to bring inflation down to its goal of 2%.[1] While inflation has dropped from last summer’s high of 9.1%, it remains above the target rate, and policymakers fear it could become a permanent threat to workers and families.[2] However, the cost of groceries fell 0.2% in April, and there are signs that the rate of price increases for used cars and trucks may be temporary.[3] The Fed has removed an indication¬†from its previous policy statement that future interest rate increases are warranted, instead basing decisions on incoming data.[4] The probability of the federal funds rate target range remaining at 5%-5.25% at the June meeting has increased to 89.2% from 78.8%.[5]

0. “Inflation eased in April, even as bank crisis slows economy, CPI figures show” The Washington Post, 10 May. 2023, https://www.washingtonpost.com/business/2023/05/10/inflation-april-cpi-fed/

1. “Prices inched down in April as yearly inflation drops to 4.9%” MLive.com, 10 May. 2023, https://www.mlive.com/public-interest/2023/05/prices-inched-down-in-april-as-yearly-inflation-drops-to-49.html

2. “CPI: Inflation rate falls below 5% for first time since June 2021” CBS News, 10 May. 2023, https://www.cbsnews.com/news/consumer-inflation-cpi-april-4-9/

3. “Inflation jumped 0.4% in April as prices remain stubbornly high” Fox Business, 10 May. 2023, https://www.foxbusiness.com/economy/cpi-inflation-april-2023

4. “Price hikes cooled slightly in April, continuing monthslong slowdown” ABC News, 10 May. 2023, https://abcnews.go.com/Business/fresh-inflation-data-show-cooling-continued-april/story?id=99194165

5. “CPI rises 0.4% in April, as expected; core CPI holds at 0.4% M/M” Seeking Alpha, 10 May. 2023, https://seekingalpha.com/news/3969040-cpi-rises-04-in-april-as-expected-core-cpi-holds-at-04-mm

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