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US makes biggest interest rate rise in almost 30 years
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Jun 16, 2022, 6:02:34 AM6/16/22
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https://www.bbc.com/news/business-61804877
The Federal Reserve said it would increase its key interest rate by three quarters of a percentage point to a range of 1.5% to 1.75%.
The rise, the third since March, comes after inflation in the US surged unexpectedly last month.
More hikes are expected, adding to the uncertainty facing the economy.
Forecasts released after the meeting showed officials expect the rate the Fed charges banks to borrow could reach 3.4% by the end of the year, the moves rippling out to the public in the form of higher borrowing costs for mortgages, credit cards and other loans.
The Federal Reserve said it would increase its key interest rate by three quarters of a percentage point to a range of 1.5% to 1.75%.
The rise, the third since March, comes after inflation in the US surged unexpectedly last month.
More hikes are expected, adding to the uncertainty facing the economy.
Forecasts released after the meeting showed officials expect the rate the Fed charges banks to borrow could reach 3.4% by the end of the year, the moves rippling out to the public in the form of higher borrowing costs for mortgages, credit cards and other loans.
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