The Federal Reserve raised interest rates on Wednesday for the sixth time since the start of 2022.
It was the fourth time the Fed has raised the rate by 0.75 percentage points.
The central bank also said in its statement after a two-day meeting that it will continue to raise the rate, with the goal of reducing annual inflation to its two percent goal.
“The (Fed’s policymaking 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 statement said.
The September consumer price index report showed annual inflation rose by 0.4 percent monthly since January 1, although the annual rate dropped slightly to 8.2 percent.
The last central bank meeting of the year is set to take place December 13-14, and there may be a change at that point.
“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,” the Fed added.
