The US Federal Reserve has raised interest rates by 0.75 per cent for a third consecutive time – the fifth rate rise by the central bank this year as it attempts to cool inflation.
There are growing concerns the rises are slowing the economy so aggressively that households and businesses will soon feel the pain, and the country could go into recession.
Bank officials have defended the decision, stating recent indicators point to modest growth in spending and production. More rate rises have been pencilled in for the rest of the year – however, these will depend on the future state of the economy.
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 Federal Reserve expected to hike ratesThe United States Federal Reserve is “expected to hike rates” anywhere between either 75 and 100 basis points following a policy meeting this week, Sky News Business Reporter Ingrid Willinge says. “There is a bit of a debate between economists whether they will go the full percentage point at the meeting,” she said. “We will get the decision at about 4am eastern time tomorrow morning.”
Read more »
Federal Reserve warns of ‘pain’ ahead as inflation surgesThe US central bank is expected to announce a sharp rise in interest rates on Wednesday in an attempt to tackle the cost of living crisis
Read more »
ASX to drop, Wall Street sinks ahead of likely US interest rate surgeAustralian shares are set to drop in morning trade, ahead of a US Federal Reserve meeting which is likely to result in another large interest rate hike, while Wall Street suffers another day of significant losses.
Read more »
US interest rates decision to have significant impact on Australian markets | 7NEWSIn a matter of hours we'll have a decision on interest rates in the US. That announcement will have an immediate impact flowing straight to Australian markets. TheLatest 7NEWS
Read more »
Global economy ‘on a knife’s edge’ says RBA deputy governorReserve Bank deputy governor Michele Bullock sees worrying signs in Europe, the US and China.
Read more »