US Fed hikes rates, hints more to come

By Agence France-Presse

Jul 28, 2023 12:29 am

WASHINGTON, D.C.: The US Federal Reserve (Fed) raised its benchmark lending rate on Wednesday to the highest level since 2001 to tackle above-target inflation, and signaled it could hike again later this year amid improving economic prospects.

'Policy has not been restrictive enough for long enough to have its full desired effects,' Fed Chairman Jerome Powell told reporters after the decision to lift interest rates by a quarter percentage-point was announced.

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