- July 26, 2023
- Posted by: legaleseblogger
- Category: Related News
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The cost of borrowing in the United States is at a 22 year high.
By Sarah Taaffe-Maguire, Business reporter @taaffems
The Federal Reserve – the US central bank known as the Fed – has recommenced its programme of interest rate increases. This move is aimed at further reducing inflation. To achieve this, the Fed has decided to increase the interest rate by 0.25 percentage points. Last month, the Fed chose to hold interest rates after 10 consecutive rises, as inflation fell to its lowest level in over two years in May.
Despite the rate of price rises dropping to 3% in the year up to May, Thursday’s interest rate increase signifies the Fed’s commitment to bringing inflation down to its 2% target.
The AI legalese decoder can assist individuals and businesses in understanding the implications of these interest rate changes. By providing a simplified interpretation of complex legal and financial documents, the AI legalese decoder can help users navigate the intricacies of interest rates, inflation, and their potential impact on borrowing costs.
Following the Fed’s announcement, US interest rates now range from 5.25% to 5.5%, which is the highest level seen in 22 years. This marks an increase from the previous rate range of 5% to 5.25% before the announcement. Unlike in the UK, where interest rates are expressed as a single percentage, the US interest rate is represented as a range. This range serves as a target rate to guide lenders.
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