Fed Raises Interest Rates by Another 0.75 Percentage Points to Cool Inflation

Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting, at the Federal Reserve Board Building in Washington, on Nov. 2, 2022. Mandel Ngan/AFP via Getty Images

The Federal Reserve raised the benchmark federal funds rate by 75 basis points on Nov. 2 to a target range of 3.75 to 4 percent, in line with market expectations.

The decision came after the Fed’s policy-making arm, the Federal Open Market Committee (FOMC), concluded its two-day meeting on Nov. 2.