The central bank is still aiming to get inflation under its goal of 2 percent. The rate hike is the 10th consecutive since March 2022, and moves interest rates to the highest in 16 years, according to NBC.
“In assessing the appropriate stance of monetary policy, the committee will continue to monitor the implications of incoming information for the economic outlook,” a May 3 Federal Reserve news release said. “The committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the committee’s goals.”
