The Federal Reserve held its benchmark interest rate between 3.75% and 4%, despite annual inflation of 3.7%, above its 2% target. Governor Lisa Cook and Federal Reserve Bank of Cleveland President Beth Hammack voted in favor of a 25-basis-point increase. The central bank is seeking to prevent the oil shock linked to the U.S.-Iran conflict from determining its policy path, particularly because the Strait of Hormuz carries roughly 20 million barrels of oil per day. Supply disruptions in the Middle East and Russia pushed prices above $100 per barrel on October 7, while market interest rates began to decline.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
