{"id":46065,"date":"2023-03-22T22:05:34","date_gmt":"2023-03-22T22:05:34","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears"},"modified":"2023-03-22T22:17:49","modified_gmt":"2023-03-22T22:17:49","slug":"us-fed-hikes-key-interest-rate-amid-banking-sector-fears","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears","title":{"rendered":"US Fed hikes key interest rate amid banking sector fears"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing high inflation and averting further upheaval in the commercial banking sector.<\/p>\n

The quarter-point increase, which was in line with expectations, lifts the target range to 4.75-5% at the end of a two-day policy meeting.<\/p>\n

In a statement, the Fed said recent banking sector developments “are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation.”<\/p>\n

The increase was the same size as the central bank’s previous rate decision in February.<\/p>\n

“Some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive,” the policy-setting Federal Open Market Committee (FOMC) added.<\/p>\n

Wednesday’s decision underscores the Fed’s determination to tackle inflation, which remains stubbornly above policymakers’ long-term annual target of 2%.<\/p>\n

Unemployment, its other main responsibility, remains close to historic lows, adding to pressure on the central bank.<\/p>\n

The Fed also updated its economic projections on Wednesday, slightly lowering its 2023 GDP growth projections to 0.4% from 0.5% in December.<\/p>\n

Median projections for the Fed’s benchmark rate at the end of this year were unchanged, while inflation expectations rose slightly.<\/p>\n

The combination of hot economic data at the start of the year and uncertainty in the banking sector sparked by the collapse of Silicon Valley Bank led analysts to predict the Fed would continue with a more modest hike than previously predicted.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing high inflation and averting further upheaval in the commercial banking sector. The quarter-point increase, which was in line with expectations, lifts the target range to 4.75-5% at the end of a two-day […]<\/p>\n","protected":false},"author":84,"featured_media":46064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,2562,275,4845],"class_list":["post-46065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-rates","tag-south-africa-2","tag-us-federal-reserve"],"yoast_head":"\nUS Fed hikes key interest rate amid banking sector fears - South Africa<\/title>\n<meta name=\"description\" content=\"The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Fed hikes key interest rate amid banking sector fears\" \/>\n<meta property=\"og:description\" content=\"The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-22T22:05:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-22T22:17:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679506538.79.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"403\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"US Fed hikes key interest rate amid banking sector fears\",\"datePublished\":\"2023-03-22T22:05:34+00:00\",\"dateModified\":\"2023-03-22T22:17:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears\"},\"wordCount\":270,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679506538.79.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"rates\",\"South-Africa\",\"us federal reserve\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-fed-hikes-key-interest-rate-amid-banking-sector-fears\",\"name\":\"US Fed hikes key interest rate amid banking sector fears - 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