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Information from the US Federal Reserve on February 1, 2023 announced to raise the reference interest rate by 25 basis points (0.25%).
This is an interest rate hike as predicted by the market earlier, Vietnam due diligence service.
The reference interest rate in the US is currently in the range of 4.5-4.75%.
This is the highest interest rate since October 2007 – Due diligence in Vietnam.
The Fed has raised interest rates eight times in a row since March 2022.
This interest rate applies to interbank overnight loans.
This decision of the Fed may affect the lending and saving interest rates of Customers, especially consumer borrowers.
The Fed’s goal is to cool down inflation, which is at a 40-year high.
Announced after the meeting, the Fed said that inflation “has cooled somewhat, but remains high”.
“The last three months of data show that the monthly rate of price growth has slowed,” said Fed Chairman Jerome Powell.
“But while these developments are quite optimistic, we still need more evidence to be confident that inflation is falling sustainably,” he continued.
The market previously expected the Fed to signal an early end to the rate hike.
The Wall Street Index initially fell, when the DJIA at one point dropped more than 300 points.
US stocks then turned higher as Powell acknowledged inflation would start to fall.
In 2022, the Fed raised interest rates four times at 75 basis points, then reduced them to 50 basis points in December 2023.
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