The U.S. Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signalling more hikes to come, SIA refers to foreign media.
But the Fed announced a smaller hike than it had in its past four meetings at a time when inflation is showing signs of easing.
The Fed boosted its benchmark rate a half-point to a range of 4.25 per cent to 4.5 per cent, its highest level in 15 years. Though lower than its previous three-quarter-point hikes, the latest move will further heighten the costs of many consumer and business loans and the risk of a recession.
The policymakers also forecast that their key short-term rate will reach a range of five per cent to 5.25 per cent by the end of 2023. That suggests that the Fed is prepared to raise its benchmark rate by an additional three-quarters of a point and leave it there until the end of next year.
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