United States Federal Reserve raised interest rates, the biggest increase since 1994

The Federal Reserve raised its key interest rate by 0.75%, the largest bump since 1994 to fight the rising inflation that rose last month to a four-decade high of 8.6%. The Fed’s benchmark short-term rate, that facilitate consumer and business loans, will now be pegged to a range of 1.5% to 1.75%. Policymakers forecast a doubling of that range by year’s end. Mr Powell said another 75-basis point hike, or a 50-basis point move, was likely at the next meeting of policymakers.