The US Federal Reserve is raising interest rates for the first time since 2018 in a bid to bring soaring prices under control.
The US Federal Reserve announced that it is raising interest rates by a quarter point to at least 0.25% and announced plans for further rate hikes in the coming months.
The moves come as the economy faces fresh uncertainty caused by coronavirus outbreaks amid wars in China and Ukraine.
They are expected to have far-reaching global implications.
By raising interest rates, the Fed will make borrowing more expensive for households, businesses and governments around the world.
She hopes this will cool demand for goods and services and help ease price inflation in the US, which hit a new 40-year high at 7.9% last month.
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