- The Federal Reserve approved a much-anticipated interest rate hike that takes benchmark borrowing costs to their highest level in more than 22 years.
- The quarter percentage point increase will bring the fed funds rate to a target range of 5.25%-5.5%.
- While policymakers indicated at the June meeting that two rate hikes are coming this year, markets are pricing in a better-than-even chance that there won’t be any more moves this year.
- Chair Jerome Powell said the central bank will make data-driven decisions on a “meeting-by-meeting” basis.

![Image upload](https://cdn.commonstock.com/bda5e6a3f0c6e62debfbccc105a36c3298ee8f5c6a63e00b09d592c88f08ace3.webp)

Ouch - but also makes sense. Better to take our medicine now than later