US Federal Reserve hikes interest rates by 50 basis points, signals more to come in 2023

U.S Federal Reserve Chairman Jerome Powell said Wednesday that the American central bank had hiked interest rates by 50 basis points in its final meeting of 2022, bringing the federal funds rate to a range of 4.25-4.5 per cent.

“We will stay the course until the job is done,” Powell said, explaining that the Fed anticipates additional interest rate increases.

Powell said the Federal Reserve would make a decision on the February rate hike based on the economic and inflationary outlook in the next couple months. He said the bank expects its restrictive interest rate policy to remain in place for sometime.

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