The Federal Reserve raised its benchmark policy rate by half a percentage point for the first time since 2000 and sent a strong signal that it intends to increase it by the same amount at the next two meetings.
At the end of its two-day policy meeting on Wednesday, the Federal Open Market Committee lifted the target range of the federal funds rate to a range of 0.75 per cent to 1 per cent.
It was the first time since 2006 that the central bank has implemented rate increases at back-to-back meetings and comes as the US central bank embraces a more aggressive approach to tackling high inflation.
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