- Start
- May 3, 202325% CONFIDENCELow confidencefrom the source
- End
- May 8, 202325% CONFIDENCELow confidencefrom the source
The Fed's rate-setting body said it would raise its benchmark rate to a range between 5% and 5.25%, the highest level since 2007
The increase is the 10th straight interest-rate hike since last March in what has been the most aggressive rate-hiking regime since the 1980s.
- On May 3, 2023 the FOMC unanimously raised the federal funds target range by a quarter point to 5% to 5.25%, its 10th hike in just over a year and the highest since August 2007[2][3]
- The Board raised the interest on reserve balances to 5.15% and the primary credit rate to 5.25%, effective May 4[2]
- The statement dropped the phrase that 'some additional policy firming may be appropriate'; Powell said a pause decision was not made that day but the change was meaningful[3]
- Backdrop: three mid-size banks failed and JPMorgan took over First Republic; Powell said inflation pressures continue to run high[3]
- Balance sheet runoff continued with caps of $60 billion a month for Treasuries and $35 billion for agency MBS[2]
References 370% CONFIDENCE
The first entry is always the pin's source. Overall confidence is a weighted average of how firmly each reference supports the start and end times used above; a reference counts half as much for every 180 days older than the newest.
- [1]25%msn.com/en-us/money/markets/fed-hikes-interest-rate-025-percentage-point-but-signals-pause/ar-AA1aH87Nmsn.com· Posted May 4, 2023· Starts May 3, 2023 ✓· Ends May 8, 2023 ✓· 33% of score
Date has passed, but the pin description does not confirm it happened then; unverified.
- [2]98%Federal Reserve press release, May 3, 2023 - FOMC raises target range to 5 to 5-1/4 percentfederalreserve.gov· Published May 3, 2023· 33% of score
The Federal Reserve's own press release confirms the FOMC raised the target range to 5.00-5.25%, dated May 3, 2023, matching the pin's stored date exactly - the primary-source record of the hike.
- [3]88%Fed rate decision May 2023: Fed increases rates a quarter point and signals a potential pausecnbc.com· Published May 3, 2023· 33% of score
CNBC's own headline, "Fed rate decision May 2023: Fed increases rates a quarter point and signals a potential pause," carries a May 3, 2023 publish date, matching the pin's stored date, though the page itself could not be directly retrieved here.
Suggest a correction
Something missing or wrong? Say it in your own words: a link that backs this pin up, a different start or end date and why, or a fact it lacks or gets wrong. The AI checks it against this pin's sources, searches for better ones, and adds any page that backs you up. The pin's own sources still count most.
