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The Federal Reserve on Wednesday took its foot off the brakes and hiked interest rates yet again — taking them to a 22-year high.

Fed Chairman Jerome Powell announced the unanimous decision for a quarter-point hike, raising the benchmark federal-funds rate to a range between 5.25% and 5.5%. 

It marked the 11th increase in the past 12 meetings following last month’s brief pause.

The hike sent the benchmark rate to its highest point since 2001 — and Powell signaled that another increase is possible before the year’s out as officials continue to wrestle with stubbornly-high inflation.

The process of getting inflation back down to 2% has a long way to go,” Powell said at a press conference following the decision.

“We think were going to need to hold, certainly, policy at restrictive levels for some time, and wed be prepared to raise further if we think thats appropriate.

Powell, who initially insisted that inflation was “transitory before it soared to a four-decade high, also proclaimed that Fed staff is no longer forecasting a recession.

“We do have a shot” for inflation to return to target without high levels of job losses, he said.

“So the staff now has a noticeable slowdown in growth starting later this year in the forecast, but given the resilience of the economy recently, they are no longer forecasting a recession,” he said.

Key measures of inflation remain more than double the Fed’s target, and the economy by many measures, including a low 3.6% unemployment rate, continues to outperform expectations given the rapid increase in interest rates.

Job gains remain “robust,” the Fed said, while it described the economy as growing at a “moderate” pace, a slight upgrade from the “modest” pace seen as of the June meeting. New data on Thursday is expected to report the economy grew at a 1.8% annual pace in the second quarter, according to economists polled by Reuters.

Powell ruled out the possibility of cutting the fed rate this year.

“Well be comfortable cutting rates when were comfortable cutting rates, and that wont be this year,” he said.

Investors took the anticipated quarter-point hike in stride, pushing the Dow into the green for the 13th straight session — it’s best streak since 1987. The S&P 500 and the Nasdaq closed slightly down.

“The forward guidance remains unchanged as the committee leaves the door open to further rate hikes if inflation does not continue to trend lower,” said Kathy Bostjancic, chief economist at Nationwide. “Our view is the Fed is likely done with rate hikes for this cycle since continued easing of inflation will passively lead to tighter policy as the Fed holds the nominal fed funds rate steady into 2024.”

Despite the positive stock run, higher rates mean Americans are in for increased costs when it comes to borrowing funds to purchase homes and cars, which will likely dampen consumer spending.

The cost of credit cards may also remain high, making it more difficult for consumers to pay off their debt.

The average credit card interest rate in the US is currently 24.24%, according to LendingTree — the highest rate since the online loan marketplace began tracking average rates in 2019.

The latest figure is up from the average credit card interest rate of 16% in March 2022, just before the Fed started hiking rates.

Meanwhile, the Consumer Price Index a closely-monitored measure of inflation that tracks changes in the costs of everyday goods and services rose 3% in June versus a year earlier.

Last month’s advance was short of the 4% rise the CPI saw in May compared to the same month in 2022.

In June 2022, inflation peaked at 9.1%.

Policymakers are set to meet three more times by the end of this year, in September, November and December.

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Murder arrest after woman stabbed to death in Enfield – as victim named

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Murder arrest after woman stabbed to death in Enfield - as victim named

A woman who was stabbed to death in north London has been named by police – as a man was arrested on suspicion of murder.

Pamela Munro, 45, was found with a stab wound and died at the scene in Ayley Croft, Enfield, on Saturday evening, the Metropolitan Police said.

A 29-year-old man was arrested on suspicion of murder on Monday and is in custody, the force added.

Detective Chief Inspector Neil John said: “Investigating officers have worked relentlessly across the weekend to investigate the circumstances around Pamela’s death.

“We continue to support her family who are understandably devastated.”

GVs from SN footage on 20/04/2025 at scene of murder on 19/04/2025 of woman at Gainsborough House, Ayley Croft, Enfield in north London.
Ingest 25 NM25 SKY SAF ENFIELD MURDER GVS ENFIELD 2045
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Police at the scene at Ayley Croft in Enfield

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The Met Police has asked anyone with information or who was driving through Ayley Court between 6.30pm and 7.30pm on Saturday and may have dashcam footage to contact the force.

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‘British man’ dies after being dragged out of police station in Ecuador – reports

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'British man' dies after being dragged out of police station in Ecuador - reports

A “British man” has died after being beaten and set on fire by a mob in Ecuador, according to reports by media in the South American country.

According to reports, the man – who has not been officially identified – had been detained by police after being accused of being involved in a fatal shooting.

Ecuadorian news outlet Ecuavisa reported that the man had been taken to a police station Playas del Cuyabeno, a remote village in the Amazon rainforest.

While there, a group broke into the station and took the man away. He was then set on fire in the street, it is reported, and died from his burns.

Playas del Cuyabeno
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The incident reportedly happened in the Playas del Cuyabeno area of Sucumbios province

Another local report, from EXTRA.ec, said that specialist police units had been slow to arrive due to the geographical conditions of the area – which is accessible by river.

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According to reports, police officers at the station apparently decided they could not intervene when the mob arrived out of concerns for their own safety.

It is understood the UK Foreign Office is following up reports about the incident and working with local authorities to confirm the details.

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EcoFlow DELTA 3 Plus exclusive offer at $535, Hoverfly foldable e-bike $423, Anker 90K mAh power station $198, more

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EcoFlow DELTA 3 Plus exclusive offer at 5, Hoverfly foldable e-bike 3, Anker 90K mAh power station 8, more

We’re kicking off a new week here with a nice roundup of power station, e-bike, and other various markdowns in today’s edition of Green Deals. For starters, we’ve unpacked an exclusive offer on EcoFlow’s mid-range DELTA 3 Plus portable power station at $535, but you can also find the rather affordable Hoverfly foldable H3 e-bike as low as $423, and that’s alongside Anker’s SOLIX C300 AC 90,000mAh LiFePO4 power station at $198, but don’t sleep on that one because it expires at the end of the day.

Head below for more and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Exclusive: Here’s one of the best prices to date on EcoFlow’s mid-range DELTA 3 Plus portable power station at $535

We have secured an exclusive discount on the EcoFlow DELTA 3 Plus 1024Wh LiFePO4 Portable Power Station today for 9to5toys readers. Coming courtesy of the folks at Wellbots, using code 9TO5D3P at checkout will drop your total down to $534.65 shipped. Regularly listed at $799 directly from EcoFlow where it is currently marked down to $598, today’s deal delivers up to $264 in savings and the lowest price we can find.

For further comparison, this model is currently being sold for $699 on the EcoFlow Amazon storefront where the previous few deals had it sitting down at $616. We are also looking at a price drop that undercuts our previous exclusive discount from back in early February that had this model sitting down at $541.

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EcoFlow’s DELTA 3 Plus first landed on Amazon back in September 2024 to deliver a mid-range portable power supply ready to handle both emergency situations and the modest off-grid setup you might have planned for this summer.

Carrying a 1,024Wh LiFePO4, it features an 1800W AC output, 2200W (surge 3600W) with X-Boost alongside five methods of recharging (AC, Solar, 800W Alternator Charger, Smart Generator 3000 (Dual Fuel), Multicharging) and as many years of coverage on the included 5-year warranty.

For me these power stations have always been as much about peace of mind as they are useful on the campsite. Just knowing I’ve come some serious battery power at the ready just in case of the worse at home is equally as valuable to me as the portable power action, and more than worth the price of entry. With this in mind, this model in particular sits right in that sweet spot for me – enough to handle some tech out in the wild and more than enough to me through power outages and the like.

Amazon takes Hoverfly’s foldable H3 e-bike with up to 28-mile range down as low as $423 (Reg. $529)

Over at Amazon you can now find the Hoverfly H3 16-inch Folding Electric Bike in blue down at $423.20 shipped. You can also score the black colorway for $424.99. Typically priced at $529, you’re looking at as much as $106 off. This is a return to the price we saw late last month and comes within $23 of the all-time low we tracked back in January. It’s not hard to spend well over $1,000 or an electric bike, so this is an affordable way to take one for a spin this year. You can learn more about this model down below.

Folks who have been itching to pick up an e-bike, but cannot justify a premium model that’s often accompanied by a high price can now pick up Hoverfly H3 for a much more affordable cost. The brand touts that it “can travel 15.5 miles on pure electric” and nearly double that when switching to a pedal-assisted mode which ratchets that up “to more than 28 miles.” Speeds top out at 15.5 MPH and the 280.8Wh battery is removeable, allowing you to easily swap it out with a second battery if you want to go even further. My favorite feature here is that not only is the e-bike more compact than most, but that it also can be folded when not in use.

Today only: Grab Anker’s SOLIX C300 AC 90,000mAh LiFePO4 power station at $198 (Reg. $250)

As a part of its Deals of the Day sale, Best Buy is offering Anker’s SOLIX C300 AC 90,000mAh power station for $198 shipped. This is regularly a $250 power station which is now seeing a straight up $51 discount. We’ve seen this model fetch as low as $179 during Black Friday last year with our exclusive promotional discount, but it hasn’t been that low in quite a while. Today’s deal lands it within $9 of our previous mention from earlier this year, and it’s now fetching $2 less than Anker’s discounted price

Anker’s SOLIX C300 packs a hefty 90,000mAh LiFePO4 battery, delivering up to 600W of peak power (300W continuous), making it great for charging multiple devices and powering small appliances. Unlike the DC version that’s more USB-focused, the AC model featured here has three AC outlets, three USB-C ports, one USB-A port, and a 120W car/aux port. You can recharge the C300 in multiple ways – plug it into a wall to hit 80% under in under an hour, connect up to 100W of solar panels, charge via your car, or you can even use the PD 3.1 USB-C input. For added convenience, it includes a built-in carrying handle and a light bar above the display.

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