The Federal Reserve raised rates by a quarter point this week for the 10th consecutive time since March of 2022, bringing the rate from 5% to 5.25%.
Interest rates are now at their highest level in the last 16 years, since the Fed began lowering rates in 2007 as the financial crisis was entering its early stages.
Even though Federal Reserve Chair Jerome Powell did not foreclose on the possibility of future rate hikes when discussing the matter at a news conference, the statement released by the Fed following their latest gathering removed some language about the potential need for additional rate hikes, which is leading many market-watchers to speculate that the rate hikes may be done, at least for now.
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