Arab Finance: The US Federal Reserve hiked interest rates to a level unseen in 22 years as part of its ongoing effort to contain inflation, according to statement on July 27^th.

Following a halt in the Fed's rate-raising cycle last month, the decision to raise rates by a quarter percentage point to a range of 5.25% to 5.5% has been made.

Fed Chair Jerome Powell stated that the central bank is actively monitoring economic data in preparation for its next meeting in September.

“It is certainly possible that we would raise funds again at the September meeting if the data warranted,” Powell said.

“And I would also say it’s possible that we would choose to hold steady at that meeting. We are going to be making careful assessments, as I said, meeting by meeting,” he added.

The Fed had kept interest rates unchanged during last June's meeting, after 10 consecutive increases that started in March 2022.

Annual inflation in the US fell to 3% last June, down from 4% in May.

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