Fed hikes interest rate by 75bps, flags weakening economic data

WASHINGTON: The Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point in an effort to cool the most intense breakout of inflation since the 1980s, with “ongoing increases” in borrowing costs still ahead despite evidence of a slowing economy. “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” … Continue reading Fed hikes interest rate by 75bps, flags weakening economic data