The Fed Raises Interest Rates to 5.25%

Date:

On May 3, the Federal Reserve issued another key interest rate boost of 0.25%, pointing to sustained strong inflation.

Edensaw Woods - Marine Plywood & Lumber Yard Supply in Washington State (WA)

Interest rates are now at their highest level in 16 years, at 5.25%. They last reached this level during the Great Recession.

Significantly, the Fed omitted the phrase “anticipates” further rate hikes from its policy statement announcing the increase, instead stating that it will consider “the extent to which additional policy firming may be appropriate.”

“We on the committee believe that inflation will come down gradually, over time,” Fed Chair Jerome Powell told reporters. “…if that forecast is broadly correct, cutting rates this year would be inappropriate.”


Amazing Builder Partners



Owen Everett
Owen Everett
Owen is one of our main correspondents based out of New York.

Popular

Share post:

More like this
Related

RoyOMartin invests $9.5M to modernize manufacturing facility in Louisiana

Martco, LLC, the parent company of RoyOMartin, a third-generation,...

Missing Middle Construction Stalled Since Great Recession

The missing middle construction sector comprises the development of...

Consumers’ Confidence Stalled Despite Concerns about the Future

This pessimism was mostly caused by ongoing inflation, particularly...

Existing Home Sales Plunge to 13-Year Low as Mortgage Rates Surge

According to the National Association of Realtors, existing home...

Rental Focus in Multifamily Development Shows Slight Decline

According to NAHB's study of quarterly Census data, the...

NAR: Existing home sales increased in January 2024

Following a cycle low in December, existing house sales...

Inflation Remains High as Housing Costs Continue to Rise

Despite a slowing in year-over-year growth, shelter costs continue...

TopBuild Corp. will purchase Specialized Products and Insulation

TopBuild Corp., an installer and specialist distributor of insulation...

Do it Best Donates $1 million Worth of Items to Habitat for Humanity

Do it Best's support for Habitat for Humanity continues,...

Single-family Starts Post Unexpected Gain in September

Despite high mortgage rates averaging more than 7%, single-family...

Ganahl Lumber Company Opens New San Juan Capistrano Facility

On August 7, Ganahl Lumber Company inaugurated a new...

Beacon adds two more locations in Texas

Beacon has expanded its operations across Texas to 32...

BlueLinx Expands Distribution Collaboration with LP SmartSide

The distribution partnership between BlueLinx Holdings Inc. and LP...

First Coastal Exteriors Joins Beacon

Beacon announced the completion of its acquisition of First...

Beacon Opens Three New Greenfield Sites

Beacon has launched new locations to serve home builders...

Diversified Manufacturing of California Acquired by NASL

Diversified Manufacturing of California (DMOC) dba Profile Wrapping, a...