Fed is going to raise interest rates continuously
Members of the Federal Open Market Committee said that they're going to continue to raise interest rates continuously.
They will raise interest rates until they get that rate of inflation down to 2%.
Federal Open Market Committee (FOMC) revealed on Aug. 17, indicated that officials agreed "there was little evidence to date that inflation pressures were subsiding.
They evaluated that inflation would respond to monetary policy tightening
Inflation currently sits at 8.5%, which is a decrease from June's 40-year high of 9.1%.
The Fed has stated that its goal is to reduce inflation levels down to 2% by 2024.
And they think it is possible through rapid interest rate hikes
The Fed has already raised rates by 75 basis points in both June and July.