Federal Reserve hikes rates by 0.25%
The U.S. Federal Reserve raised interest rates by a quarter of a point for the first time in three years, bringing the range to between 3.75% and 4%. This move is part of efforts to address high inflation, with the bank expecting to raise rates again before the end of the year. There are also projections of rising inflation and economic growth during the current year, all aimed at returning inflation to the 2% target.
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