The 5th increase this year: The US Federal Reserve raises interest rates by 75 points
The US Federal Reserve raised interest rates by 75 basis points, or three-quarters of a percentage point, in the fifth increase in US interest rates this year.
The bank said, on Wednesday, in a statement, “The Committee decided to raise the target range for the federal funds to 3 to 3-1/4 (i.e. three quarters of a percentage point)”, expecting that this ongoing increase will be appropriate for the target range.
This comes due to the great pressure that the Federal Reserve is facing, as the inflation rate in the United States reached 9.1%, its highest level in nearly four decades.
