Faced with its worst inflation rate in 40 years, the US has raised its interest rates steeply.
The Federal Reserve, the central bank of the United States, announced that it would raise its key interest rate by 0.5 percentage point in a statement released following the two-day Federal Open Market Committee meeting on the 4th local time.
As a result, the US benchmark interest rate has been adjusted to between 0.75% and 1%.
It was the first time in 22 years since May 2000 that the Fed raised the benchmark interest rate by 0.5 percentage points.
The Federal Reserve has raised its benchmark interest rate by 0.25 percentage points.
Prior to this, the Fed raised its benchmark interest rate by 0.25 percentage points at the Federal Open Market Committee’s regular meeting in March, the first in three years and three months.
It also hinted at a rate hike at every six meetings remaining this year.
The Fed gradually raised interest rates from 2015 to 2018, then started lowering rates in July 2019.
In March 2020, interest rates have been maintained at zero since the COVID-19 crisis.
YTN Wonbae Kim ([email protected])
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