1/ The Federal Reserve raised interest rates for the 10th time in just over a year but signaled that it could be done lifting rates. The quarter percentage point increase brings its benchmark rate to between 5 and 5.25% – the highest level in 16 years. Although inflation has cooled since last year’s peak of 7% to 4.2% as of March, it’s still more than double the Fed’s target of 2%. Economists at the Fed, meanwhile, are projecting a mild recession later this year. (Wall Street Journal / CNBC / Bloomberg / NPR / Politico / New York Times / Washington Post)
This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2023/05/03/day-834/