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Fed ups interest rates by 75 bp; more hikes anticipated

Fed ups interest rates by 75 bp; more hikes anticipated

ArabFinance: The Federal Reserve (Fed) increased interest rates by 75 basis points (bps) for the third time in 2022, Reuters reported on September 22nd.

The Fed anticipated more interest rate hikes, as the economy is slowing down and unemployment is increasing.

Chairman of the Fed Jerome Powell pledged to persist in his battle against inflation, talking about how it is expected to affect the economy.

It is worth noting that the US’ budget deficit grew by 29% year-on-year (YoY) to $220 billion in August 2022, compared to the gap of $171 billion reported in August 2021.

The Consumer Price Index for All Urban Consumers in the US increased by 0.1% month-on-month (MoM) in August 2022, but slowed down annually to 8.3%.

 

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