The Federal Reserve has implemented the largest rate hike since 1994 to curb inflation.
In an aggressive move, the US Federal Reserve raised the benchmark interest rate by three-quarters of a percentage point on Wednesday.
The interest rate hike will drive up the cost of borrowing to buy houses, cars and other loans.
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https://metro.co.uk/2022/06/15/federal-reserve-issues-historic-interest-rate-hike-to-fight-inflation-16835869/ The US Federal Reserve decides to raise interest rates in a historic way to fight inflation