Federal interest rate increases by 0.75 percent

Kelsey Quint | Friday, September 30, 2022

During their meetings on Sept. 20-21, the Federal Open Markets Committee (FOMC), a branch of the Federal Reserve System (Fed), raised the target range for the federal funds rate by 0.75 percentage points to a range of 3.00% to 3.25%.  This current rate marks the highest interest rates since the recession of 2008. Susan Collins,