The US Federal Reserve System increased its key interest rate by 0.75%, marking the biggest rate hike made by the US central bank since 1994. The move is aimed to control a record surge in inflation.
“The committee is strongly committed to returning inflation to its 2% objective,” the bank’s policy-setting committee said. The move will raise US Fed’s benchmark short-term rate to a range of 1.5% to 1.75%.
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