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Al Jazeera
Al Jazeera
Business
Radmilla Suleymanova

Fed hikes rates by 75 basis points for 2nd straight month

United States Recession Alphabet Microsoft Joe Biden Google
Federal Reserve Board Chairman Jerome Powell, speaking to reporters after the central bank's decision to hike interest rates by 75 basis points for the second straight month, said that the overarching focus is to bring inflation back down to 'our 2 percent goal' [Elizabeth Frantz/Reuters]

The Federal Reserve on Wednesday raised interest rates by 75 basis points for the second time in as many meetings as the US central bank doubled down on fighting the highest inflation in more than 40 years.

“The current picture is plain to see. The labour market is extremely tight, and inflation is much too high,” US Federal Reserve Chair Jerome Powell said at a news conference following the decision.

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