On Wednesday, July 26, the U.S. Federal Reserve hiked its key interest rate by .25%.
The move brings U.S. interest rates to the highest levels experienced in 22 years.
Wednesday’s rise marks the Fed’s 11th interest hike since March 2022 as it’s attempted to combat nationwide inflation.
The Fed also noted that another interest hike may come in the months ahead, which Barclays Investment Bank anticipates to take place in September or November of this year.