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Fed hikes interest rates by 75 bps

Fed hikes interest rates by 75 bps

ArabFinance: The Federal Reserve’s (Fed) Federal Open Market Committee (FOMC) increased interest rates by 75 basis points (bps) for the fourth time in 2022, according to a press release on November 2nd.

The FOMC cited the inflationary pressure caused by the Russian-Ukrainian war and its ramifications, noting that inflation was weighing on economic activities.

The committee referred to recent improvements in spending, production, and employment during the last few months, adding that inflation remained high.

The FOMC announced that it sought to achieve maximum employment and inflation at the rate of 2% over the longer run.

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