Fed confirms aggressive inflation mandate with biggest interest rate hike since 1994

Hints at further big hikes to come

clock • 3 min read
Powell called the latest set of hikes "unusually large"
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Powell called the latest set of hikes "unusually large"

The Federal Reserve has made its biggest interest rate hike in almost 30 years, as it battles to tackle the rising levels of inflation, which is at a four-decade high of 8.6%.

The central bank increased rates by 0.75 percentage points, to range between 1.5% and 1.75%. Although this is a big one time jump, the overall rate is still low comparative to historic levels. A...

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