Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting in Washington on Feb. 1, 2023. Kevin Dietsch/Getty Images
The Federal Reserve raised interest rates by 25 basis points, matching market expectations and lifting the benchmark federal funds rate to a target range of 4.50 to 4.75 percent.
This was the smallest rate increase since the current quantitative tightening cycle began in March 2022.
