The Federal Reserve Board, the central bank of the United States, held a meeting to decide monetary policy and decided to raise the policy interest rate by 0.75%, which is three times the normal rate.
This is the first significant rate hike of 0.75% in about 27 and a half years since November 1994.
The Fed decided to raise rates by 0.5% at its May meeting and said it would continue to raise rates in the same range, but it will accelerate monetary tightening as record inflation shows no signs of convergence. We have taken an unusual response.