The US Federal Reserve raised interest rates by 0.75 points

Today, Wednesday, the US Federal Reserve raised interest rates by 0.75 basis points to 2.25-2.5% in order to fight inflation.

The Fed said further increases would be needed in its ongoing fight to contain rising price pressures, noting that data showed “weak spending and production” despite strong growth in job creation.

The hike is the second straight 75 basis points and the fourth increase in interest rates this year as US central bankers took aggressive action to stem the worst rise in inflation in more than four decades to avoid a recession in the world’s largest economy.

Source: AFP

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