The Federal Reserve on Wednesday raised the level of a key rate it pays banks to park cash at the central bank from 0.10% to 0.15%, and lifted the interest on excess reserves rate, or IOER, with an increase in the reverse repo rate from 0% to 0.05%.
The Fed left the target rate range of the federal-funds rate, its primary tool for influencing the momentum of the economy to achieve its job and inflation goals at between 0% and 0.25%, where it has been since March 2020.
The…
