The 0.75 hike was the fourth in 2022.

“We have got to get inflation behind us. I wish there were a painless way to do that,” Fed Reserve Chairman Jerome Powell said. “There isn’t”.

He added: “We want to act aggressively now, and get this job done, and keep at it until its done.”

A further increases are expected later in the year, of three-fourth, which would take the benchmark rate to 4.4 per cent, including a three-fourth hike in November and by a half point in December.

More rate hikes will follow next year.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by FreshersLIVE.Publisher : IANS-Media