Fed hikes interest rates with a further six rises expected in 2022

The move marks the Fed's first rate rise since 2018 and is an attempt to tackle inflation, which is at a 40-year high in the United States at 7.9%. Last night the Fed said it will likely take longer for inflation rates to return to 2%, with inflation still projected to be above 2.3% in 2024. When the rate rise was announced, Jerome Powell, chair of the Federal Reserve, said: "We are attentive to the risks of potential further upward pressure on inflation and inflation expectations. "The committee is determined to take the measures necessary to restore price stability. The American ...