Federal Reserve pushes interest rates above 5% for first time since 2007

The Federal Reserve raised the target range for its benchmark interest rate by 0.25% on Wednesday while leaving its options open on future rate hikes.

The central bank’s move pushed its benchmark policy rate, the fed funds rate, to a new range of 5%-5.25%, the highest since September 2007. The Fed said future rate hikes would be contingent on the impact of previous rate hikes on the economy and financial developments.

Fed officials still view inflation as elevated, and note that they remain “highly attentive” to inflation risks.

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