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The Federal Reserve Open Market Committee voted to raise the federal funds target rate for the 11th time since March 2022 to a target range of 5.25% to 5.5%, the highest level since 2001. The latest 25-basis-point rate hike by the Federal Reserve follows the decision to pause activity in June.

“The decision to raise rates again is based on the fact that the economy is still a bit stronger than the Fed would like to see,” says Zonda chief economist Ali Wolf. “In fact, Chair [Jerome] Powell said that the current policy hasn’t been ‘restrictive enough for long enough.’”

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