US Fed announces biggest interest rate hike in nearly three decades
TRT World says the US Federal Reserve has raised its benchmark interest rate by 75 basis points, marking its biggest rate hike in 28 years.
The Federal Open Market Committee (FOMC) said in a statement on Wednesday that it decided to raise the target range for the federal funds rate to 1.5 percent -1.75 percent range.
The largest interest rate increase since 1994 was approved by all FOMC members, except for Kansas City Fed President Esther George who voted for a 50 basis point of rate hike.
The FOMC added that it anticipates “ongoing increases in the target range will be appropriate.”
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