Europe

US Federal Reserve approves biggest rate hike in two decades

The United States Federal Reserve on Wednesday approved a rare half-point interest rate hike, the biggest increase in more than two decades, and indicated that more similar moves could be on the way to battle high inflation.

With this latest rate hike, double the one carried out in March, the target range for the Fed’s benchmark federal-funds rate now stands at between 0.75 percent and 1 percent.

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