Fed unveils biggest rate hike in two decades

The rate hike was the biggest made by the US central bank since 1994 and was delivered after recent data showed little progress in its inflation battle
Fed unveils biggest rate hike in two decades

Federal Reserve Chairman Jerome Powell. Central Banks across the globe are in the process of raising rates in an attempt to tame rapid inflation.

The US Federal Reserve raised its target interest rate by three-quarters of a percentage point today to stem a disruptive surge in inflation and projected a slowing economy and rising unemployment in the months to come.

The rate hike was the biggest made by the US central bank since 1994 and was delivered after recent data showed little progress in its inflation battle.

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