Sedona Arizona

Fed raises rates (again)

The Fed raised rates again today – the 10th hike in this current cycle.

As a range, Fed funds rate was 0.00%-0.25% just 13 months ago. With today’s hike, it is now set a range of 5.00%-5.25%.

Chart of the Fed Funds rate from July 2006 through May 2023

The Fed funds rate is one of the primary monetary policy tools. By raising this rate, the Fed is slowing a heated economy by indirectly influencing consumer and business borrowing rates.

In the latest episode of the Financial Purpose Podcast, I’ll explain at a high level what the Fed funds rate is, how it works, and what it could mean for the economy.

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Author: Dale Shafer II, CFP®, APMA®, CDFA®

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