Fed raises rates by 75 basis points to clamp down on inflation ...Qatar

Federal Reserve officials raised interest rates by 75 basis points for the second straight month, delivering the most aggressive tightening in more than a generation to curb surging inflation – but risking a sharp blow to the economy. Policy makers, facing the hottest price pressures in 40 years, lifted the target range for the federal funds rate on Wednesday to 2.25% to 2.5%. That takes the cumulative June-July increase to 150 basis points – the steepest rise since the price-fighting era of Paul Volcker in the early 1980s. The Federal Open Market Committee “is strongly committed to returning inflation to its 2% objective,” it said in a statement released in Washington, repeating previous l

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