The United States Federal Reserve has raised interest rates to a 22-year high following a hotly-anticipated two-day meeting.
The Federal Open Market Committee temporarily paused rate hikes last month — however on Wednesday it announced a quarter percentage point increase to a 5.25%-5.5% range, potentially rounding off the US central bank's most aggressive monetary tightening cycle in decades in a bid to tackle inflation.
Benji Hyer reports from Washington DC.
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