The US Federal Reserve announced the largest rate increase in nearly 30 years

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explained,

Federal Reserve Chairman Jerome Powell is under pressure as inflation accelerates.

On Wednesday, the US Federal Reserve announced the largest rate increase in nearly 30 years.

As part of its strategy to stem the increase in inflation, the US central bank raised its benchmark lending rate by 0.75 percentage points, to a range between 1.5% and 1.75%.

The increase, the third since March, follows an unexpected rise in inflation last month. The Federal Reserve said further increases were likely.

It was the last time the Fed announced a rate hike of this magnitude 1994.

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