Recent Updates

  • South Africa: BER Consumer Confidence (Q4)
  • Czech Republic: Employment Information (Nov)
  • Hungary: Foreign Trade (Oct-Prelim), CPI Press, CPI by COICOP (Nov)
  • Romania: Central Govt Debt, Holdings of Govt Securities (Sep)
  • more updates...

Economy in Brief

FOMC Continues to Increase Funds Rate
by Tom Moeller  November 2, 2022

At today's meeting of the Federal Open Market Committee (FOMC), the Fed announced a widely expected 75 basis point increase in the target for the Federal funds rate to a range of 3.75% - 4.00%. It was the fourth consecutive increase of that magnitude in the last six months and places the rate at the highest level since January 2008.

The statement accompanying today's action reads, "The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time."

The Fed went on to state, "In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments."

In addition, the Fed will continue reducing its portfolio of Treasury securities and agency debt and agency mortgage-backed securities.

Today's action was endorsed by all members of the FOMC.

The statement issued following today's meeting can be found here.

close
large image