Explore the latest developments concerning US Fed hikes.
US Fed hikes interest rates to curb inflation as Trump calls for cut
Kevin Warsh, who was appointed US Federal Reserve chairman by Donald Trump earlier this year, has raised interest rates. (Reuters: Evelyn Hockstein)
The US Federal Reserve has raised interest rates by 25 basis points in order to tackle inflation.
A majority of Fed policymakers expect at least one more rate hike to be necessary before the end of the year.
Financial markets are pricing a more than 80 per cent chance the Reserve Bank of Australia (RBA) will raise rates this month.
US President Donald Trump has called for interest rates to be lowered after the Federal Reserve raised rates in the world's largest economy by 25 basis points.
Fed rate hike jolts markets after it signals a huge shock
The Federal Reserve delivered the quarter-point interest rate hike Wall Street expected Sept. 17.
The big surprise was what came next: Fed policymakers signaled that another rate hike could be coming before the end of the year and potentially more if stubborn inflation refuses to ease.
The reason? Central bank officials are struggling to get stubborn inflation back to its 2% target, a mission that it has yet to accomplish in over five years.
The unanimous 12-0 Federal Open Market Committee decision lifts the Fed's benchmark Federal Funds Rate to a range of 3.75% to 4%.
It marked a renewed push to tighten monetary policy following persistent price pressures fueled by rising energy costs from the Iran War and related economic geopolitical shocks.
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