Planning Briefs
The Federal Reserve Decided Not To Raise Rates
Published Thursday, November 2, 2023 at: 8:32 AM EDT
The Federal Reserve today said it was not raising interest rates. Instead, the U.S. central bankers are waiting to see if their campaign of 11 interest rate hikes since March 2022 was enough to end the worst inflation cycle in over four decades.
The Fed appears to be on the way to ending the high-inflation mentality that infiltrated the economy in 2021 and 2022 without causing a recession, winning a monetary policy battle that previous Fed regimes lost. In defiance of predictions by economists, central bankers have defeated inflation without tightening credit so much that it causes a recession -- two consecutive quarters of economic shrinkage.
The Federal Open Market Committee, which regulated lending rates in the U.S., is comprised of 12 members: the seven members of the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York, and four of the remaining 11 Reserve Bank presidents.
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