On Wednesday, the US Federal Reserve announced an interest rate hike by another 25 points to a target range between 4.75%-5%, reports CNBC.
“The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.”
– Jerome Powell, Chair of the Federal Reserve of the United States
Fed Chair Jerome Powell said they considered pausing rate hikes following the banking crisis, but unanimously decided against it due to inflation and the strength of the labor market.
