Live: Watch Federal Reserve chief Jerome Powell | Rate hike 25bp | HD 720p

The Federal Reserve has raised interest rates by 25 basis points at its meeting in February 2023, in an effort to manage inflation expectations. This marks the third rate hike since the pandemic, bringing the federal funds rate to 1.25%. The Fed emphasized that the US economy is strengthening, with improving job market conditions and rising consumer spending. However, the central bank also acknowledged that the pace of growth has slowed and the recovery is uneven, particularly for lower-wage workers and small businesses. The Fed also pledged to continue supporting the economy and maintaining low interest rates until substantial progress has been made towards its goals.

The Federal Reserve, also known as the "Fed," is the central banking system of the United States. It was created in 1913 to provide the nation with a stable monetary and financial system. The Fed's responsibilities include implementing monetary policy, supervising and regulating banks and other financial institutions, maintaining the stability of the financial system, and providing financial services to the U.S. government.

The Fed operates independently within the government, but it is subject to oversight by Congress. The Fed is led by a seven-member Board of Governors, and it has twelve regional Federal Reserve Banks located throughout the country. The Fed makes decisions about interest rates and the money supply, which can influence the economy, inflation, and employment.

Jerome Powell is an American lawyer and economist who is currently serving as the 16th Chair of the Federal Reserve System. He was nominated to the position by President Donald Trump in November 2017 and took office in February 2018. Powell succeeded Janet Yellen as the Chair of the Fed.

As Chair of the Fed, Powell is responsible for leading the central bank in its mission to maintain a stable financial system and support maximum employment and price stability. This involves setting monetary policy, supervising and regulating financial institutions, and overseeing the operations of the Federal Reserve System. Powell is also a member of the Federal Open Market Committee, which is the main policy-making body of the Fed.

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