The Fed had already raised interest rates by 0.75 percentage points to between 1.5 and 1.75 percent in June – the sharpest increase since 1994.
(Photo: dpa)
Washington The US Federal Reserve (Fed) continues to battle rising inflation. On Wednesday, for example, it raised the key interest rate again by three quarters of a percentage point. It is now in a range of 2.25 to 2.5 percent. The Fed is very keen to “get inflation back to its 2 percent target,” emphasized Fed Chair Jerome Powell in his press statement after the Fed meeting on Wednesday. But he also acknowledged that the Fed is far from there.
This is the Fed’s fourth rate hike this year. But the prices have continued to rise so far. Inflation climbed to 9.1 percent in June. Therefore, further rate hikes are “appropriate,” Powell said.
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