The Federal Reserve has finally appeared to get somewhat serious about inflation.
On Wednesday 15th June they raised the fed funds rate by 0.75% to a range of 1.5-1.75%.
This is still a highly stimulatory rate of interest.
The announcement and press release can be found at this link (copy and paste):
https://www.federalreserve.gov/newsevents/pressreleases/monetary20220615a.htm
(Sorry, Substack's link function is currently broken).
The Federal Open Market Committee stated that they want to get inflation in the US to 2%.
Good luck with that!
The truth is that they are way behind where they should be with interest rates in an economy with high employment and very high inflation.
The Federal Reserve Chairman, Jerome Powell has outlined a path to significantly higher rates over the next 18 months.
The markets in the US oddly bounced on the day of the announcement but fell again yesterday.