US Fed hikes interest rates for sixth time this year, signals more rate hikes in near future
Image Credit: money control
The US Federal Reserve on Wednesday announced that it is hiking its benchmark interest rate by 0.75%, or 75 basis points. That would make this the fourth consecutive 0.75% increase, and the sixth rate hike in this year alone. The cost of food in the US is rising at the fastest pace since the 1970s oil embargo, with grocery prices up 13.5% in the 12 months to September - and wages are failing to keep pace.