Fed hikes rates amid inflation
The U.S. Federal Reserve has raised interest rates by a quarter of a percentage point for the first time in three years, aiming to combat high inflation. The Federal Open Market Committee voted unanimously in favor of the rate hike, which brought the interest rate to a range between 3.75% and 4.00%. The bank expects to raise rates again before the end of the year and has increased its projections for inflation and economic growth for this year. This reflects a tightening monetary policy to address the high inflation in the U.S. economy.
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