Fed confirms 0.75 percentage-point increase as Americans across country hit hard by rising prices and shortages of key items
With soaring inflation and the shadow of recession hanging over the United States, the Federal Reserve announced a 0.75 percentage-point increase in interest rates on Wednesday – the largest hike since 1994.
In a statement after a two-day meeting, the Fed said “overall economic activity appears to have picked up after edging down in the first quarter”.
