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“Fed” Up With Inflation, the Fed Continues to Raise Rates

Evan Witkowski portrait photo

   By Evan Witkowski
   Manager, Institutional Relationships
   September 22, 2022

On Wednesday, September 21, the U.S. Federal Reserve (Fed) raised its benchmark interest rate, the Fed Funds Rate, by 0.75% for the third time this year, bringing its target range to 3.00%–3.25%. While a year ago, inflation was still considered “transitory” (or temporary), the Fed is now in overdrive, acting aggressively to curb inflation. Following the Fed news, the two-year U.S. Treasury yield broke above 4% for the first time since October 2007. The S&P 500 Index plunged approximately 1.0% in the one minute before and the one minute following the news.

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