The Federal Reserve raised interest rates by another 0.75 percentage point on July 27 during the July Federal Open Market Committee (FOMC) policy meeting. This is in line with market expectations and similar to the historic move the central bank made in June.
The FOMC’s three-quarter-point boost lifted the benchmark fed funds rate to the range of 2.25 to 2.5 percent. It was a unanimous decision among central bank officials.
