US's Federal Reserve Raises Key Interest Rate By 0.75%, Biggest Hike In 30 Years
On June 15, the Federal Reserve raised the benchmark borrowing rate by 0.75%. This is the biggest hike in nearly 30 years. As reported by AFP, Fed's policy-setting Federal Open Market Committee (FOMC) reaffirmed that it remains strongly committed to returning inflation to its 2% objective & expects to continue to raise the key rate. This massive move was the first 75-basis-point increase since November 1994, reported AFP. Watch the video to know more.
(The above story first appeared on LatestLY on Jun 16, 2022 03:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).