08:06 PM
Wednesday 27 July 2022
Cairo – Agencies:
The Federal Reserve – the US central bank – decided to raise the interest rate by 0.75% for the fourth time in a row since the beginning of this year.
This comes following the annual inflation rate in the United States reached its highest level in more than 40 years last June at 9.1%, compared to 8.8% in May.
The Federal Reserve raised interest rates for the first time in nearly 4 years last March by 0.25%, and by 0.5% at the May meeting, then by 0.75% in June, the highest rate since 1994.