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US Fed delivers big rate hikes, signals next one could be smaller

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The US Federal Reserve has raised interest rates by 0.75 percentage points as it continues to battle the worst outbreak of inflation in 40 years, but is signalling that future increases in borrowing costs could be made in smaller steps to account for the “cumulative tightening of monetary policy” it has enacted so far.
The new language in the policy statement on Wednesday took note of the still-evolving impact that the Fed’s rapid pace of rate hikes has set in motion, and a desire to hone in on a level for the federal funds rate “sufficiently restrictive to return inflation to 2 percent over time”.

Al Jazeera’s Shihab Rattansi reports from Washington, DC.

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#UnitedStates #USInflation #USEconomy #FederalReserve #InterestRatest #JeromePowell
Category
World
Tags
Joe Biden, US interest rate hike, al jazeera
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