Aug. 8 (ZFJ) — The Federal Reserve maintained the target federal funds rate at 5.25-5.50% at the Federal Open Market Committee (FOMC)’s July 31 meeting.
This rate was set on July 26, 2023, and has been held steady since then. The Fed has been aggressively increasing the interest rate since raising it from 0.00-0.25% to 0.25-0.50% in March 2022 in order to fight stubborn inflation.
“The labor market has come into better balance and the unemployment rate remains low,” said Fed Chair Jerome Powell in his opening remarks at a press conference.
Dec. 17 (ZFJ) — The Fed maintained the target federal funds rate at 5.25-5.50% for the third time in a row on Wednesday, Dec. 13, noting that inflation has eased but is still elevated.
“Inflation has eased from its highs, and this has come without a significant increase in unemployment,” said Federal Reserve Chair Jerome Powell. “This is very good news. But inflation is still too high, ongoing progress in bringing it down is not assured, and the path forward is uncertain.
Nov. 10 (ZFJ) — Ørsted has pulled out of developing two offshore wind farms, set to have been New Jersey’s first ones, due to economic challenges, the company announced on Tuesday, Oct. 31.
“Macroeconomic factors have changed dramatically over a short period of time, with high inflation, rising interest rates, and supply chain bottlenecks impacting our long-term capital investments,” said David Hardy, group executive vice president and CEO of Ørsted Americas.
Nov. 5 (ZFJ) — The Federal Reserve maintained the interest rate at 5.25-5.50% for the second time in a row on Wednesday, Nov. 1.
This rate was set on July 26 and held steady on Sept. 20. The Fed has been aggressively increasing the interest rate since it raised it from 0.00-0.25% to 0.25-0.50% in March 2022 in order to fight stubborn inflation.
Economic activity has been expanding at a strong pace, said Federal Reserve Chair Jerome Powell.
