(CNBC) The Federal Reserve raised interest rates by a quarter of a percentage point, bringing the benchmark funds rate to 5% to 5.25%. In its post-meeting statement, the central bank appeared to soften its language on future rate increases, removing a line on “additional policy firming.” In his press conference, however, Chair Jerome Powell noted that the policy-setting committee thinks it will take time for inflation to come down and it would not be appropriate to cut rates.
Fed recap: Here are Chair Powell’s market-moving comments after the latest rate hike
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