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May 5, 2022

The Fed hiked interest rates yesterday. Now what?

Yesterday, the Federal Reserve moved to hike interest rates by half of one percentage point. Chair Jerome Powell said the Fed is not actively considering raising rates by three-quarters of a point. We talked to Marketplace’s Nancy Marshall-Genzer, who was in person at the press conference following the announcement. Plus, the Department of Homeland Security will grant work permit extensions for many immigrants with expired and near-expired documents. And, there has been an uptick in donations to abortion funds following the leaked Supreme Court draft opinion that would overturn the landmark Roe v. Wade case.

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Federal Reserve Chairman Jerome Powell speaks Wednesday after the central bank decided to hike interest rates by half a percentage point. "It is essential that we bring inflation down," he said.
Federal Reserve Chairman Jerome Powell speaks Wednesday after the central bank decided to hike interest rates by half a percentage point. "It is essential that we bring inflation down," he said.
Win McNamee/Getty Images

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The Team

The Fed hiked interest rates yesterday. Now what?