Fed Raises Rates July 27, 2023

It was no surprise yesterday that the Federal Reserve raised the Fed funds rate 25 basis points.  This is the highest that rates has been in 25 years.   This now puts the prime interest rate at a shocking 8.50%!  What will the Fed do in the future?  Well, they didn’t give us one clue.  They were completely closed lipped in their statement as to what their future thoughts are.  Fed Chair Powell said they might raise rates at the next meeting, or the one after that, or maybe not.  In my humble opinion, I think they are done raising rates.