Fed Raises Interest Rates by 0.5 Percentage Point to 15-Year High

Federal Reserve Board Chairman Jerome Powell speaks at a news conference after a Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington on Dec. 14, 2022. Nicholas Kamm/AFP via Getty Images

Federal Reserve policymakers voted on Dec. 14 to raise the benchmark federal funds rate by 50 basis points to a target range of 4.25–4.5 percent, the highest level since late 2007.

The Fed’s policy-making arm, the Federal Open Market Committee (FOMC), has boosted interest rates seven times since March, totaling 425 basis points.