U.S. Fed hikes rates for first time in new year

WASHINGTON, Feb. 1 (Xinhua) -- The U.S. Federal Reserve on Wednesday implemented its first rate hike in the new year.

The central bank hiked rates by a quarter percentage point, marking the eighth time the Fed has raised rates since it began tightening in March last year.

"Inflation has eased somewhat but remains elevated," the Fed said in a press release.

The Fed is engaged in the most aggressive rate hike cycle in many years, in a bid to quell the worst inflation in four decades.

Last year, the U.S. central bank implemented four rate increases of 75 basis points.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

Venezuelan legislature removes lawmaker's immunity amid corruption probe
Algerian president says Morocco ties have reached 'point of no return'
U.S. stocks rise ahead of Fed decision
Oil prices rise as banking fears ease
Xinhua Middle East news summary at 2200 GMT, March 21
FAO calls for protection of global woodlands
Canada to raise federal minimum wage to keep pace with inflation
U.S. agricultural futures fall
U.S. dollar edges down ahead of Fed decision
IMF staff reaches agreement with Ukraine for $15.6 billion program

Others Also Read