Fed Raises Interest Rates for First Time Since 2018 to Fight Inflation

Fed officials project six more rate increases this year

A screen displays a statement by Federal Reserve Chair Jerome Powell following the Federal Reserve's announcement as a trader works on the trading floor of the New York Stock Exchange (NYSE) in New York City on Sept. 22, 2021. Brendan McDermid/Reuters

For the first time since 2018, the Federal Reserve raised its benchmark interest rate by 25 basis points, increasing the target range for the rate to 0.25–0.5 percent.

The Fed completed its two-day Federal Open Market Committee (FOMC) policy meeting on March 16, described by analysts as an important turning point for monetary policy.