Financial Markets In March

The Federal Reserve raised the target for its interest rate benchmark, the federal-funds rate, by 0.25 per cent, placing the target range at 4.75 per cent to 5.00 per cent, the ninth increase over the past year.

In settling on a quarter-point increase, which followed an identical move in early February, the central bank attempted to strike a balance between its on-going inflation fight and recent stress in the banking industry.

Updated projections from Fed officials showed an expectation of one more future rate hike, though post-meeting statements by Fed Chairman Jerome Powell indicated that the banking industry turmoil could lessen the need for additional moves by the Fed.

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Story By: Frederica Elbourne

Feedback: frederica.elbourne@fijisun.com.fj