On Wednesday, the Federal Reserve announced that it will raise the target range for the federal funds rate to between 5.25% and 5.5%, marking a quarter point increase and its fourth such move of 2023 following a pause in June.

The Federal Reserve announced on Wednesday that it will maintain the target range for the federal funds rate at 5% to 5.25%, noting that economic activity and job gains have expanded since it last raised rates in early May.

Citing a report from the Federal Reserve, Reuters reported that between March 29 and April 5, U.S. commercial bank deposits rose, while there was a slight decline in loans and leases.

The Federal Reserve announced that it will raise the target range for the federal funds rate to between 4.25% and 4.5% on Wednesday, marking a 0.5% increase and the seventh overall increase this year.

In its latest move to tame inflation, the Federal Reserve announced that it will raise the target range for the federal funds rate to between 3.75% and 4% on Wednesday, marking the sixth increase this year.