Mr Cooper Group Inc (COOP)

[t1215s]

Fed hikes interest rate 0.25 point to curb inflation despite banking turmoil:
March 22, 2:05 PM.
WASHINGTON—The Federal Reserve raised its key short-term interest rate by a quarter percentage point Wednesday, pushing ahead with its aggressive campaign to tame inflation despite financial turmoil following Silicon Valley Bank’s collapse.

Fed officials forecast another quarter point in rate increases this year to a peak range of 5% to 5.25%, in line with its December estimate and lower than the level markets anticipated before SVB’s meltdown.

In a statement after a two-day meeting, the Fed acknowledged recent strains in the nation’s banks and said they will soften the economy but added the financial system is stable.

“The U.S. banking system is sound and resilient,” the Fed said. “Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation. The extent of these effects is uncertain.”

https://www.usatoday.com/story/money/economy/2023/03/22/fed-meeting-rate-hike-live-updates/11509144002/
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