Federal Reserve Chair Jerome Powell announced an interest rate hike of 25 basis points on July 26, 2023. Wednesday's rate hike will mark the 11th increase since March 2022 and brings the fed funds rate to the highest level in 22 years. The Fed now expects inflation to end the year closer to 4% up from 3.6% previously, nearly double the Fed’s inflation target. #federalreserve #ratehike #inflation #fedfundsrate #jeromepowell #interestratehike