Fed Chair Powell speaks after Fed hikes interest rates by a quarter percentage point — 5/3/23

Federal Reserve Chairman Jerome Powell delivers remarks after the central bank on Wednesday released its decision on interest rates following a two-day meeting.

The central bank raised interest rates by a quarter of a percentage point, a move that was broadly expected by the market.

The increase takes the fed funds rate to a target range of 5% to 5.25%, the highest since August 2007.

It was a unanimous decision by the Federal Open Market Committee.

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LIVE: Chairman Powell speaks after Federal Reserve's policy meeting — 05/03/23