White House press secretary Karine Jean-Pierre will hold a press briefing over the Federal Reserve‘s decision to raise interest rates, an anticipated move in the aftermath of the collapse of Silicon Valley Bank.
Federal Reserve Chairman Jerome Powell announced on Wednesday that it would raise interest rates by 0.25%, which was predicted by CME Group’s FedWatch tool.
INVESTORS EXPECT FED TO GO THROUGH WITH RATE HIKE DESPITE BANKING TURMOIL
The decision comes amid turmoil in the market from the failure of Silicon Valley Bank and the instability of other midsize banks. Most investors believe the central bank will raise interest rates to quell inflation, which remains high.
The Federal Reserve is investigating the California bank, which was shut down by regulators almost two weeks ago after the bank suffered a billion-dollar negative cash balance.
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The press briefing will begin at 3 p.m. on Wednesday.
