Home Business Fed announces biggest rate hike in nearly 30 years – BBC News

Fed announces biggest rate hike in nearly 30 years – BBC News

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Fed announces biggest rate hike in nearly 30 years – BBC News

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image caption,

Under the rapid price growth, the Fed chairman is under great pressure

The U.S. Federal Reserve, the equivalent of the U.S. central bank, announced its biggest rate hike in nearly 30 years, as it stepped up efforts to combat soaring consumer prices.

The Fed said it would raise the target range for the federal funds rate by 75 basis points to between 1.5% and 1.75%.

It was the third rate hike since March and came as U.S. inflation beat expectations last month.

Inflation is expected to go further, adding more uncertainty to the economy.

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