To counter high inflation, the Federal Reserve on Wednesday raised short-term interest rates for the first time since 2018, increasing the benchmark Federal Funds Rate by 0.25%, to a target range of between 0.25% and 0.50%.
The FOMC noted in its statement that the economic outlook remains “highly uncertain” in the face of the war in Ukraine.
“The invasion of Ukraine by Russia is causing tremendous human and economic hardship,” the FOMC says in