Skip to main content
Sister Publication Links
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • News
    • OPINION
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • Humanitarian Award
    • RETAIL TIRES
    • SERVICE ZONE
    • TIRE MAKERS
    • Best Places to Work
    • Mid-Year Report 2022
    • RUSSIA WAR IN UKRAINE
  • Aligning with ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
March 22, 2018 02:00 AM

Federal Reserve raises key interest rate

Tire Business Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    WASHINGTON — The Federal Reserve has raised a key interest rate to its highest point in years, citing a stronger economy and substantial job gains.

    The Federal Open Market Committee (FOMC) of the Federal Reserve System voted unanimously to raise the federal funds rate, the interest rate at which banks lend to other banks, to between 1½ and 1¾ percent at a March 21 meeting.

    It also voted to increase the primary credit rate to 2¼ percent. Both rates go into effect March 22, the FOMC said.

    This marks the first time the Federal Reserve has raised interest rates under its new chairman, Jerome Powell, who took office in February, succeeding Janet Yellen.

    In announcing the rate hikes, the FOMC said it found that the U.S. economy has continued to grow moderately since the committee's last meeting in January.

    "Job gains have been strong in recent months, and the unemployment rate has remained low," the FOMC said. Household spending and business investment, however, have moderated since their strong showings in the fourth quarter of 2017, it said.

    "The committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate," the FOMC said.

    However, that rate is likely to remain under traditional levels for some time, it said.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Conti navigates Ukraine war, supply-chain challenges
    2
    Goodyear marks milestone with update on Cooper integration
    3
    Big O Tires to go national, pursue fleet business
    4
    Michelin to roll out tires with recycled plastics by 2024
    5
    Hankook: ‘Local-for-local' underpins growth strategy
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • News
      • OPINION
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • Humanitarian Award
      • RETAIL TIRES
      • SERVICE ZONE
      • TIRE MAKERS
      • Best Places to Work
      • Mid-Year Report 2022
      • RUSSIA WAR IN UKRAINE
    • Aligning with ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
      • RUBBER NEWS EVENTS
    • Resources
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION