Business

US Fed Hikes Interest Rates To Highest Level Since 2001

The US Federal Reserve raised its benchmark lending rate on Wednesday to its highest level since 2001 to tackle above-target inflation, and signaled the possibility of further increases ahead.

This article was published by Insider Paper.

The quarter percentage-point rise lifts the Fed’s key lending rate to a range between 5.25 percent and 5.5 percent, the US central bank said in a statement, adding that it will “continue to assess additional information and its implications for monetary policy.”

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