US Federal Reserve hikes interest rates by 0.75% to fight inflation
Image Credit: abcnews.go.com
The US Federal Reserve announced the biggest interest rate hike by 0.75 percent to fight surging inflation. According to the Reuters report on June 15. This was the biggest hike of the US central bank since 1994. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices and broader price pressures, the central bank's policy-setting Federal Open Market Committee said.