Monday, November 28

Tag: Federal Reserve Board

Federal Reserve hikes interest rates for the fourth time this year
Politics

Federal Reserve hikes interest rates for the fourth time this year

The Federal Reserve took an aggressive step on Wednesday to combat soaring inflation with the announcement of another larger than usual, three-quarters of a percentage point interest rate hike. The increase comes as central banking officials face a tough balancing act: bringing down rising prices amid growing concerns of an economic downturn.The latest increase brings the federal funds rate to between 2.25% and 2.50%, which is where it was at its most recent high in summer 2019 before the coronavirus pandemic. This marks the fourth interest rate hike of the year as consumer prices have risen at the fastest pace in more than 40 years. Five months ago, the federal funds rate was near zero percent. At its June meeting, the Federal Open Market Committee raised the federal funds rate by...
Lisa Cook confirmed as first Black woman to Federal Reserve Board post in Senate party-line vote
Politics

Lisa Cook confirmed as first Black woman to Federal Reserve Board post in Senate party-line vote

Lisa Cook, nominated to be a Member of the Board of Governors of the Federal Reserve System, testifies before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on February 3, 2022. KEN CEDENO/POOL/AFP via Getty Images Washington — The Senate confirmed economist Lisa Cook on Tuesday to serve on the Federal Reserve's board of governors, making her the first Black woman to do so in the institution's 108-year history. Her approval was on a narrow, party-line vote of 51-50, with Vice President Kamala Harris casting the decisive vote. Senate Republicans argued that she is unqualified for the position, saying she doesn't have sufficient experience with inter...