Fed boosts interest rates

January 01 2022 12:00 am

According to multiple national media outlets, the U.S. Federal Reserve has decided to raise interest rates.

The Washington Post reports the Fed’s key interest rate will go up by a quarter point.

“The increase was unanimous and modest, raising the Fed’s key interest rate by a quarter point, from a range of 0.25 to 0.5 percent to a range of 0.5 to 0.75 percent. It reflects Fed officials’ confidence in the strengthen of the U.S. economy and what officials see as budding signs of higher inflation.”

This is the second time in the past decade the government has hiked interest rates. 

A projection chart released by the Federal Reserve shows rates increasing to 1.4 by the end of 2017.

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