The Fed agreed to a 0.75-percentage-point rate rise at their two-day policy meeting that concluded Wednesday.

This move is the most significant interest rate rise in nearly 30 years as it ramps up its fight to rein in soaring consumer prices.

The Federal Reserve said it would increase its benchmark rate by three-quarters of a percentage point, pushing its target range to 1.5% to 1.75% – the highest level since 2019.

The rise marked the third time since March that the fed jacks up rate.

The recent increase comes after inflation surged unexpectedly last month.

The bank said more rises are likely.

Stocks soared, and U.S. government bonds rallied after the Fed’s announcement.

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Edited by Jesus Chan

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