US Federal Reserve raises interest rates by 75 bps ‎

The US Federal Reserve announced its decision to raise interest rates by 75 basis points and hinted at continuing to raise interest rates above current levels.

In its efforts to curb inflation, which jumped to its highest levels since the early eighties of the last century, the Fed raised interest rates to the range between 3% and 3.25%, the highest level since 2008, and is the third rate hike on the Federal Reserve sequentially by 75 basis points.

In a statement, Fed officials hinted at a plan to continue raising interest rates, most likely to 4.6%, in 2023, especially since Federal Reserve Chairman Jerome Powell and his colleagues suggested not cutting rates before next year.