The Federal Reserve has made several decisions regarding interest rates in recent years. Here are some of the key actions taken by the Fed:

• In March 2020, the Fed cut its target for the federal funds rate by a total of 1.5 percentage points, lowering the funds rate to a range of 0% to 0.25% in response to the COVID-19 crisis.

• In July 2022, the Fed raised interest rates another quarter point to a new target range of 5.25-5.5 percent, marking the 11th increase in 12 meetings.

• In September 2023, the Fed left interest rates unchanged, keeping the federal funds rate at a target range of 5.25 to 5.5 percent.

• The Fed has raised interest rates a total of 11 times during this economic cycle in an effort to significantly reduce liquidity to the financial markets and tamp down high inflation.

• The Fed has moved interest rates above the rate of inflation and will keep them there for an extended period. Even if they feel there is no need to raise rates further, to say so at this juncture would be premature.

• The Fed wants to keep conditions tight and staying mum on additional rate hikes is part of that.

• Once the Fed hints they’re done raising interest rates, mortgage rates and other long-term rates will pull back.

• The Fed is expected to hold its benchmark interest rate steady in September 2023, according to economists polled by financial data service FactSet. If that occurs, the federal funds rate would remain in a range of 5.25 to 5.5% .

• Economists say they expect the Fed to raise rates at its November 1 meeting because inflation is still higher than its 2% goal.

• Fed officials expect to raise rates once more this year and envision their key rate staying higher in 2024 than most analysts had expected.

• Policymakers at the Federal Reserve have raised interest rates substantially since March 2022 in a push to cool the economy and wrangle inflation. They kept them steady at a range of 5.25 to 5.5 percent in September 2023, the highest level in 22 years.

Overall, the Fed has been raising interest rates in an effort to reduce liquidity to the financial markets and tamp down high inflation. However, the Fed has also been cautious about raising rates too quickly and causing a recession. The Fed is expected to continue monitoring economic conditions and adjusting interest rates as needed.