The US Federal Reserve has announced its biggest rate hike in more than two decades as it ramps up its fight against soaring prices.
The US Federal Reserve announced that it is raising its benchmark interest rate by half a percentage point after it was slightly lower in March.
With US inflation at a four-decade high, further increases are expected.
The push marks the latest effort to curb spikes in costs being felt by households around the world.
India’s central bank announced a surprise hike in its key interest rate on Wednesday, while Australia’s central bank recently issued its first rate hike in more than a decade.
The Bank of England is also widely expected to hike interest rates on Thursday, which would be the fourth hike since December.
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