Fed hikes US interest rate 0.75 points, biggest since 1994

WASHINGTON (AFP) – The US 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 (June 15) 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.

Committee members now see the rate ending the year at 3.4 per cent, up from the 1.9 per cent projection in March, according to the median quarterly forecast.


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