US Fed announces biggest interest rate hike since 1994

WASHINGTON: The Federal Reserve announced the most aggressive interest rate increase in nearly 30 years, raising the benchmark borrowing rate by 0.75 percentage points on Wednesday as it battles against surging inflation. The Fed’s policy-setting Federal Open Market Committee reaffirmed that it remains “strongly committed to returning inflation to its 2 per cent objective” and expects to continue to raise the key rate. Until recently, … Continue reading US Fed announces biggest interest rate hike since 1994