Write For Us

US targets inflation with biggest rate hike since 1994

Sponsored Post Vitamin D2 Canada Persia
58 Views

  • Thanks! Share it with your friends!

    You disliked this video. Thanks for the feedback!

ava
Published
The US Federal Reserve raised its target interest rate by three-quarters of a percentage point in an effort to drive down a surge in inflation, and projected a slowing economy and rising unemployment in the months to come.
The rate increase announced on Wednesday was the biggest by the US central bank since 1994, and was delivered after recent data showed little progress in its battle to control a sharp spike in prices.
The move raised the short-term federal funds rate to a range of 1.5 percent to 1.75 percent. With additional rate hikes, policymakers expect their key rate to reach a range of 3.25 percent to 3.5 percent by year’s end — the highest level since 2008 — meaning most forms of borrowing will become sharply more expensive.

Al Jazeera’s Alan Fisher reports from Washington, DC.

- Subscribe to our channel: http://aje.io/AJSubscribe
- Follow us on Twitter: https://twitter.com/AJEnglish
- Find us on Facebook: https://www.facebook.com/aljazeera
- Check our website: https://www.aljazeera.com/

#FederalReserve #USInterestRate #USInflation
Category
World
Tags
Joe Biden, al jazeera, al jazeera english
Sign in or sign up to post comments.
Be the first to comment