Fed confirms 0.75 percentage-point increase as Americans across country hit hard by rising prices and shortages of key items
With soaring inflation and the shadow of recession hanging over the United States, theannounced a 0.75 percentage-point increase in interest rates on Wednesday – the largest hike since 1994.
He made clear that a similarly outsized rate rise should be expected at its next meeting in July unless price rises softened. “We at the Fed understand the hardship inflation is causing,” he said. “Inflation can’t go down until it flattens out. That’s what we’re looking to see.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US stocks lose more ground ahead of expected Federal Reserve interest rate hikeUS stocks have ended mainly lower ahead of the outcome of the latest meeting of the US Federal Reserve, which is expected to raise official interest rates by as much as 0.75 per cent on Thursday.
Read more »
Lowe prompts double jump in rate forecastsEconomists and markets have sharpened their expectations for aggressive interest rate tightening by the Federal Reserve and RBA to control rampant inflation.
Read more »
US stocks plunge on inflation worries, S&P plunges 4 per centUS stocks have been dumped by investors as they worry more aggressive interest rate rises by the US Federal Reserve could tip the global economy into recession.
Read more »
Brisbane announces steep rates hike on airbnb accommodation to tackle rental crisisProperty owners who list their homes for short-term accommodation in Brisbane have been warned: return your home to the long-term rental market or face a 50 per cent rates hike.
Read more »
‘We’ll do what’s necessary’: RBA’s Lowe flags 7 per cent inflation, more rate hikesReserve Bank Governor Philip Lowe said in a rare interview that he expected inflation to exceed expectations, warning home buyers to brace for higher interest rates.
Read more »