Washington The US Federal Reserve (Fed) is battling rising inflation. For example, on Wednesday, it raised the key interest rate again by three quarters of a percent. It is now in the range of 2.25 to 2.5 per cent. The Fed is very keen to “bring inflation back to its 2 percent target,” stressed Fed Chair Jerome Powell in his press statement after the Fed meeting on Wednesday. But he also acknowledged that the Fed is far from there.
This is the Fed’s fourth rate hike this year. But the prices continue to rise till now. Inflation rose to 9.1 per cent in June. Therefore, further rate hikes are “appropriate,” Powell said.
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Connor Beaumont is a contributor to CA News Ottawa, covering news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on clear, accurate reporting and useful information that helps readers stay informed about current affairs and developments that shape their communities. His work highlights relevant stories, emerging trends, and important issues, presenting them in a balanced, accessible, and reader-friendly manner.
