US Fed makes biggest interest rate raise in three decades

US


Washington, June 16 : With the US seeing inflation at historic highs, the Federal Reserve on Wednesday undertook its highest interest rate raise in nearly three decades, by three-quarters of a percentage point. The Federal Reserve said it would increase its benchmark rate by three quarters of a percentage point, pushing its target range from 1.5 per cent to 1.75 per cent - the highest level since 2019, the BBC reported. The rise, the third since March, comes after inflation surged unexpectedly last month and the Fed has warned that more rises are likely. The hike, the largest since 1994, will impact millions of American businesses and households, making loans for homes, cars and other purposes more costly. Until this week, economists and investors had expected the Fed to raise its benchmark interest rate by half a point. However, after an inflation report last week revealed that price hikes are broadening across the entire economy, it was expected that the rate hike would be more. /IANS




Related

Equity MF schemes experience sharp fall in July
Chennai, Aug 9 : The month-on-month net inflows for equity mutual funds came down by 42.6 per cent to Rs 8,898.25 crore in July 2022, as per the figur

Despite Gujarat govt's intervention in edible oil market, no relief in prices to consumers
Ahmedabad, Aug 9 : Last week the Gujarat government announced that it will provide groundnut oil of one liter pack at Rs 100, at 50 per cent subsidise

52% of consumers have 2 or more unused/old devices at homes
New Delhi, Aug 9 : Determining consumer behaviour toward selling pre-owned phones and the level of awareness on the correct disposal processes with dy