At its last meeting earlier in May, the Federal Reserve’s Federal Open Market Committee (FOMC) indicated it was considering at least one pause in its historic pace of rate hikes that saw the central bank take the benchmark fed funds rate from about 0% in the early part. 2022 to the current targeted range of 5.0%-5.25%. While the rapid increase in the rate did not succeed in bringing inflation to the 2% target of the Fed, the central bank is also looking at the growing unrest in the US banking system, which has led to the failure of many regional ones. lender, most recently First Republic Bank.
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