About the Video
The US Fed just raised interest rates by 25 bps. Here’s a summary of their latest economic projections and how it will affect you.
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โฌ๏ธ Timestamps:
0:00 โ Rate Hike announcement
3:02 โ Summary of Economic Projections (March)
6:15 โ What to Expect in Near Future
The Federal Reserve raised interest rates for the ninth time in a row, opting to continue its campaign against high inflation despite stress in the banking industry following the collapse of two regional banks (SVB and Signature Bank). Fed policymakers voted unanimously to raise their benchmark interest rate by a quarter percentage point to a range of 4.75% to 5%, which will make it more expensive for people seeking car loans or carrying a balance on their credit cards.
Members of the Fed’s rate-setting committee believe slighly higher rates may be necessary to restore price stability. On average, policymakers anticipate rates climbing by another quarter-percentage point by the end of this year, according to the new economic projections.
The Fed also released its quarterly round of economic projections, which include policymakersโ forecasts on inflation and rate hikes through 2025. It now foresees inflationโs remaining at a higher level for 2023 than it previously expected, while the unemployment rate for the year is now forecast to rise to 4.6% from 3.6% as of last month, higher than the previous expectation of 4.4%.
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