Fed chair announces 0.25% hike

The Federal Reserve has raised interest rates to cut prices but the move risks a recession.
0:36 | 02/01/23

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Transcript for Fed chair announces 0.25% hike
JEROME POWELL: Today, the FOMC raised our policy interest rate by 25 basis points. We continue to anticipate that ongoing increases will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time. In addition, we are continuing the process of significantly reducing the size of our balance sheet. Restoring price stability will likely require maintaining a restrictive stance for some time. I will have more to say about today's monetary policy actions after briefly reviewing economic developments.

This transcript has been automatically generated and may not be 100% accurate.

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