July 5, 2022

SHSU Houstonian Online

Read all latest news headlines from USA, UK and around the world, get today's breaking news and live updates on politics, elections, business, sports, economy,​ …

The biggest interest rate hike in the US Federal Reserve in almost 30 years

The biggest interest rate hike in the US Federal Reserve in almost 30 years

The Federal Reserve raised the key interest rate to 0.75 percent on Wednesday. Announced With a target rate of 1.5 to 1.75 percent. Report that American mediaInterest rates have not risen so sharply since 1994. The rise in interest rates should curb inflation, which is higher in the United States than in the eurozone.

The Federal Reserve, the central bank, has raised interest rates for the third time in a row. In early May, the central bank already announced a 0.5 percent interest rate hike. A month ago, the base interest rate rose to 0.25 percent. Federal Reserve Chairman Jerome Powell suggested that the interest rate hike announced on Wednesday would be 0.5 percentage points, not 0.75. The central bank obviously thought a big increase was necessary.

Prices in the US became clear last week Increased by 8.6 percent It is now at an all-time high of 40 years. The Federal Reserve wants to reduce inflation to a maximum of 2 percent. Like many European countries, the United States has a tight labor market. Powell had previously called the situation “unstable.”

read more: A turbulent day controlling inflation

See also  New US law could be bad for all cryptocurrencies outside of Bitcoin Crypto Insiders