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Interest Rates Rise Another 75 Basis Points

Even as they initiated another big rate hike, Fed officials signaled they might be entering the final phase of their aggressive campaign to curb inflation.

By Jonnelle Marte | November 02, 2022 at 12:50 PM
Photo: Federal Reserve Chairman Jerome Powell speaks during a news conference following the FOMC meeting in Washington, D.C., July 27, 2022. Photographer: Ting Shen/Bloomberg Federal Reserve Chairman Jerome Powell speaks during a news conference following the FOMC meeting in Washington, D.C., July 27, 2022. Photographer: Ting Shen/Bloomberg

Federal Reserve officials signaled that their aggressive campaign to curb inflation could be entering its final phase, even as they delivered their fourth straight 75 basis point (bps) interest rate increase.

While central bankers said that “ongoing increases” will still likely be needed to bring rates to a level that are “sufficiently restrictive to return inflation to 2 percent over time,” they added fresh language to their statement after a two-day meeting in Washington. “The pace of future increases” in borrowing costs would take into account the cumulative tightening of monetary policy, the lag with which that works, and developments in the economy and finance, they said.

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