The move is intended to curb inflation though previous increases this year have had little effect so far
With the US economy teetering on the edge of a recession and inflation running at a four-decade high, the
The US central bank is aggressively raising rates at levels unseen since the mid-1990s as it struggles to tamp down soaring prices, which rose by an annual rate ofThe hike raises the Fed’s cost of borrowing to between 2.25% and 2.5% and is the Fed’s fourth rate increase this year. It comes as central banks worldwide seek to calm price rises with higher rates. Fed chair Jerome Powell indicated that there would be more outsized increases ahead if inflation is not brought under control.
So far the rate rises appear to have done little to rein in rising prices and the costs of everything from food and rent to gas remain high. The Fed will not meet again until September, at which point more economic data will be available, and its decision committee should be better able to see if its policy is working.
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