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Federal Reserve raises key rate for 11th time by a quarter-point, to highest level since 2001

by Associated Press

Jul 26, 2023

The move lifted the Fed’s benchmark short-term rate from roughly 5.1% to 5.3% — its highest level in 22 years.

For the Federal Reserve, the drop in inflation from roughly 9% to 3% was the relatively easy part, some analysts say. Getting it down to the Fed’s 2% target will be harder and take longer.

Win McNamee/Getty Images