The biggest in 28 years.. the US Federal Reserve raises interest rates by 75 points

The Federal Reserve raised the interest rate, today, Wednesday, by 75 basis points, in the largest increase since 1994.

Reuters said: The Federal Reserve raised its target interest rate by three-quarters of a percentage point on Wednesday to stem the turbulent rise in inflation and anticipate a slowdown in the economy and an increase in unemployment in the coming months.

CNBC: The Federal Reserve announced that it raised interest rates by 75 basis points, or 0.75 percentage points. This is the largest rate increase in 28 years.

It added that, with this, "the interest rate on funds reaches a range of 1.5% to 1.75%," and the decision to raise interest rates was announced after recent data showed little progress in the face of inflation.

Last May, the US Federal Reserve raised its key interest rate to the highest level since 2000 by half a point to 1%.

In March, the US central bank raised the interest rate by 0.25% to 0.5%, for the first time since 2018, to control inflation.

And in late April, the US Central Bank announced that inflation last March rose by 6.6% compared to March 2021, which is the highest annual increase in the past forty years.

CNN said that the personal consumption expenditures price index (a measure of inflation) rose 6.6% in the 12 months to last March, the largest increase since 1982 and an increase from last February's rate of 6.3%.

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