The U.S. Federal Reserve on Wednesday&nbsp;raised the interest rate by&nbsp;0.25&nbsp;percentage points&nbsp;to 5.5 percent. This is the highest interest level seen&nbsp;in the last 22 years.&nbsp;

During a press conference following the latest policy move, Powell emphasized that the central bank is closely monitoring incoming data, particularly for indications of the economy moving towards a period of "below-trend" growth, which he believes is necessary for inflation to decrease.

Following the release of the Federal Reserve's policy statement, Treasury rates in the United States experienced volatility, leading to a decline. However, U.S. stocks concluded the day with a relatively flat performance. Futures markets indicated minimal fluctuations in betting on the trajectory of Fed rate increases for the remainder of the year, with only a slight possibility of a hike in September.

Fed's inflation tackling and indicator monitoring

The U.S. Federal Reserve's decision to raise interest rates, as anticipated, followed two days of meetings. Inflation remains a persistent concern for the central bank, prompting the 11th rate hike in the last 12 meetings aimed at curbing the surging prices.

Nonetheless, the central bank remains vigilant, ready to respond to the evolving economic data and inflation outlook, while also considering the risks associated with falling inflation and weak economic indicators. Powell emphasized that decisions will be made on a meeting-by-meeting basis, carefully evaluating the incoming data's implications on economic activity and inflation dynamics, along with the balance of risks.

Key price indicators are continuing to rise at a rate that exceeds the Fed's target, with inflation showing a slowdown but no noticeable impact on the job market, which maintains a low unemployment rate of 3.6 percent. Economic growth has remained above the Fed's estimated 1.8 percent trend rate, with analysts predicting similar growth in second-quarter GDP.

Possibility of another hike in September

While Federal Reserve Chair Jerome Powell expressed optimism for a "soft landing" of the economy, wherein inflation decreases, unemployment remains low, and a recession is averted, his remarks on the necessity for slower development hint at a possible inclination towards higher rates to exert greater pressure on demand.

Powell stated, "It is certainly possible that we would raise the (federal) funds rate again at the September meeting if the data warranted it, and I would also say that it is possible that we would choose to hold steady at that meeting if that was the right policy call."

While the Fed remains open to future rate adjustments, Powell cautioned against expecting any rate cuts in the immediate future, affirming, "We'll be comfortable cutting rates when we're comfortable cutting rates, and that won't be this year."

Fed Chair Jerome Powell acknowledged the positive development of reduced inflation from last year's highs. However, as the central bank navigates a challenging phase in its fight against inflation, it faces the delicate task of balancing the need for future rate hikes against the risks of going too far, potentially resulting in economic losses.

&nbsp;

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The U.S. Federal Reserve on Wednesday raised the interest rate by 0.25 percentage points to 5.5 percent. This is the highest interest level seen in the last 22 years.

The U.S. Federal Reserve on Wednesday raised the interest rate by 0.25 percentage points to 5.5 percent. This is the highest interest level seen in the last 22 years. During a press conference following the latest policy move, Powell emphasized that the central bank is closely monitoring incoming data, particularly for indications of the economy moving towards a period of "below-trend" growth, which he believes is necessary for inflation to decrease. Following the release of the Federal Reserve's policy statement, Treasury rates in the United States experienced volatility, leading to a decline. However, U.S. stocks concluded the day with a relatively flat performance. Futures markets indicated minimal fluctuations in betting on the trajectory of Fed rate increases for the remainder of the year, with only a slight possibility of a hike in September. Fed's inflation tackling and indicator monitoring The U.S. Federal Reserve's decision to raise interest rates, as anticipated, followed two days of meetings. Inflation remains a persistent concern for the central bank, prompting the 11th rate hike in the last 12 meetings aimed at curbing the surging prices. Nonetheless, the central bank remains vigilant, ready to respond to the evolving economic data and inflation outlook, while also considering the risks associated with falling inflation and weak economic indicators. Powell emphasized that decisions will be made on a meeting-by-meeting basis, carefully evaluating the incoming data's implications on economic activity and inflation dynamics, along with the balance of risks. Key price indicators are continuing to rise at a rate that exceeds the Fed's target, with inflation showing a slowdown but no noticeable impact on the job market, which maintains a low unemployment rate of 3.6 percent. Economic growth has remained above the Fed's estimated 1.8 percent trend rate, with analysts predicting similar growth in second-quarter GDP. Possibility of another hike in September While Federal Reserve Chair Jerome Powell expressed optimism for a "soft landing" of the economy, wherein inflation decreases, unemployment remains low, and a recession is averted, his remarks on the necessity for slower development hint at a possible inclination towards higher rates to exert greater pressure on demand. Powell stated, "It is certainly possible that we would raise the (federal) funds rate again at the September meeting if the data warranted it, and I would also say that it is possible that we would choose to hold steady at that meeting if that was the right policy call." While the Fed remains open to future rate adjustments, Powell cautioned against expecting any rate cuts in the immediate future, affirming, "We'll be comfortable cutting rates when we're comfortable cutting rates, and that won't be this year." Fed Chair Jerome Powell acknowledged the positive development of reduced inflation from last year's highs. However, as the central bank navigates a challenging phase in its fight against inflation, it faces the delicate task of balancing the need for future rate hikes against the risks of going too far, potentially resulting in economic losses. WATCH WION LIVE HERE

Federal Reserve raises rates, Powell hints at another hike in September

The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th&nbsp;time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation.&nbsp;Rates were hiked by 50 basis points to four per cent, the highest level in over 15 years, by the nine-member committee of rate-setters involved in deciding the UK's basic level of borrowing costs. Governor Andrew Bailey was one of the 7-2 yes votes. In spite of the bank's forecast that Britain would remain in a recession for the entirety of this year and most of next, more hardship has been inflicted on individuals and businesses.

Additionally,&nbsp;European Central Bank (ECB) has once again&nbsp;hikes interest rates by 50 basis points.&nbsp;

The latest economic projections from the central bank were raised from its November forecasts, which called for the sharpest contraction since the early 1990s. However, after 15 months in a row, the length of the reversal is more or less&nbsp;the same.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/us-investors-have-plowed-billions-into-chinas-ai-sector-report-shows-558217">US investors have plowed billions into China's AI sector, report shows</a>

<div class="videoWrapper trancodeVideo">GDP is projected to contract by 0.5 per cent&nbsp;in 2023 and 0.25 in 2024, which is a little more gloomy than predictions made earlier this week by the International Monetary Fund (IMF), which stated that the UK would be the only wealthy economy to experience a contraction this year but growth the following year.</div>

The economy is projected to shrink by one per cent&nbsp;by the end of the recession, and by 2026 it may still be less than it was before the Covid&nbsp;pandemic.&nbsp;

Also watch |&nbsp;US: Fed approves 0.25% rate increase, Powell suggests 'couple' more hikes coming

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The Bank still believes "further tightening in monetary policy" would be necessary if "more persistent" inflationary pressures persist despite the protracted recession.

<h2>Rishi Sunak marks 100 days in office</h2>

As the first non-white British Prime Minister, Rishi Sunak celebrated his 100th day in office on Thursday (Feb 2) with a new social media video in which he vowed to bring about change despite several obstacles, such as spiralling inflation.

Following the abrupt resignations of his predecessors, party-gate-hit Boris Johnson and the nation's shortest-serving prime minister Liz Truss, the UK's first Prime Minister of Indian descent had entered office at 10 Downing Street on October 25, a day after Diwali (the Indian festival of lights).

(With inputs from agencies)

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The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation.

The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation. Rates were hiked by 50 basis points to four per cent, the highest level in over 15 years, by the nine-member committee of rate-setters involved in deciding the UK's basic level of borrowing costs. Governor Andrew Bailey was one of the 7-2 yes votes. In spite of the bank's forecast that Britain would remain in a recession for the entirety of this year and most of next, more hardship has been inflicted on individuals and businesses. Additionally, European Central Bank (ECB) has once again hikes interest rates by 50 basis points. The latest economic projections from the central bank were raised from its November forecasts, which called for the sharpest contraction since the early 1990s. However, after 15 months in a row, the length of the reversal is more or less the same. Also read | US investors have plowed billions into China's AI sector, report shows GDP is projected to contract by 0.5 per cent in 2023 and 0.25 in 2024, which is a little more gloomy than predictions made earlier this week by the International Monetary Fund (IMF), which stated that the UK would be the only wealthy economy to experience a contraction this year but growth the following year. The economy is projected to shrink by one per cent by the end of the recession, and by 2026 it may still be less than it was before the Covid pandemic. Also watch | US: Fed approves 0.25% rate increase, Powell suggests 'couple' more hikes coming The Bank still believes "further tightening in monetary policy" would be necessary if "more persistent" inflationary pressures persist despite the protracted recession. Rishi Sunak marks 100 days in office As the first non-white British Prime Minister, Rishi Sunak celebrated his 100th day in office on Thursday (Feb 2) with a new social media video in which he vowed to bring about change despite several obstacles, such as spiralling inflation. Following the abrupt resignations of his predecessors, party-gate-hit Boris Johnson and the nation's shortest-serving prime minister Liz Truss, the UK's first Prime Minister of Indian descent had entered office at 10 Downing Street on October 25, a day after Diwali (the Indian festival of lights). (With inputs from agencies) WATCH WION LIVE HERE:

UK: Bank of England hikes interest rates for 10th consecutive time amid recession

The United States Federal Reserve following its last meeting of the year on Wednesday announced another interest rate hike, this time by half a percentage point making this its seventh time this year. Furthermore, the officials have also said that the central bank will deliver more interest rate hikes in 2023, in a bid to tame decade-high inflation in the country.&nbsp;

The interest rate, which is now at its highest in the last 15 years, seems to be reducing inflation to some degree as the US CPI data shows that the annual inflation has slowed down from 7.7 per cent in October to 7.1 per cent in November. However, Federal Reserve Chair Jerome Powell said that the recent slowing down has not been reassuring that the fight has been won.

Why is the Fed raising the interest rates?

When an economy is booming and inflation is on the rise, an increase in the interest rates slows everything down by making borrowing more expensive and&nbsp;discouraging consumers and businesses to spend more. This decrease in spending typically slows the economy and cools down inflation.&nbsp;

These hikes are also in line with the central bank’s goal to push inflation down to two per cent. So far, the Feds have been aggressively raising the interest rate as the country continues to battle high inflation, this time around, the&nbsp;benchmark was raised&nbsp;by half a point as opposed to the string of four straight three-quarter point hikes&nbsp;in the past couple of months.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-by-075-again-in-a-bid-to-combat-inflation-530687">In a historic move, US Federal Reserve raises interest rate by 0.75% again</a>

Furthermore, the interest rate hike announced on Wednesday also marked the highest fed funds rate since December 2007 during the onset of the global financial crisis of 2008. However, this trend may continue for the upcoming year as it is projected that the rates would rise above five per cent by the end of next year, which is now somewhere between the 4.25 per cent to 4.5 per cent range.&nbsp;

What does it mean for American consumers?

The federal funds rate, set by the central bank, is the interest rate at which the commercial banks borrow and lend from one another overnight. Consequently, it directly or indirectly affects the borrowing costs for consumers and their earnings on savings accounts.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/fed-lifts-benchmark-rate-by-half-percentage-point-543120">Fed lifts benchmark rate by half percentage point</a>

As of now, this leads many Americans to lean on credit as they are affected at a time when they are facing higher prices due to inflation as well as an unprecedented rise in interest rates which has not been witnessed in the past decade or so.

Notably, the Fed does not control all interest rates; rather it's a ripple effect, which begins with the central bank raising the interest rates and others following suit. Some of these interest rates affected include mortgages, credit cards, and other loans.&nbsp;

Chief financial analyst at Bankrate, Greg McBride, said, “Credit card rates are at a record high and still increasing. Auto loan rates are at an 11-year high. Home equity lines of credit are at a 15-year high. And online savings account and CD yields haven’t been this high since 2008.”&nbsp;

The New York-based consumer financial services firm, Bankrate also noted that the average credit card rate hit a record high of 19.40 per cent (as of December 7) which is up from 16.3 per cent since the beginning of the year. Consequently, with the recent hike consumers can also witness an increase in their credit card rates within a few statements.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-us-announces-7th-interest-rate-hike-of-2022-543170">World Business Watch: U.S. announces 7th interest rate hike of 2022</a>

Therefore, McBride suggests transferring any balances on the credit cards to a zero-rate balance transfer card which locks in a zero rate between a year and 21 months, this would “insulate you from rate hikes” giving the consumer a “clear runway” to pay off their debt. He added, “Less debt and more savings will enable you to better weather rising interest rates, and is especially valuable if the economy sours.”

As for mortgages, the recent Fed hike would affect millions. Freddie Mac, an enterprise promoting home lending, said that with every percentage point increase in mortgage rates, which is eventually affected by the increase in the central bank’s benchmark rate, households which can afford a $400,000 mortgage decline by three to four million.&nbsp;

Furthermore, according to the federally funded company, the 30-year fixed-rate mortgage average was 6.33 per cent by the end of the second week of December which is more than double the same time last year, for the first time in US history. This comes as mortgage rates have been rising over the past year or so which has also affected at least 15 million potential homebuyers.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-securities-regulator-issue-new-guidelines-on-disclosing-cryptocurrency-risks-541559">US securities regulator issues new guidelines for firms, makes cryptocurrency risk disclosure must</a>

The 30-year average at one point had peaked above seven per cent, however, the decrease is not enough to help buyer affordability, said McBride. Furthermore, with mortgage rates rising faster than home prices dropping, Americans will be forced to spend more which could add to the financial stress of high inflation, said a report by NBC. Therefore, with more hikes in the Fed interest rate on the horizon, mortgage rates may climb further.&nbsp;

How has the market reacted to the latest hike?

Interest rate hikes typically create volatility in the stock market and this time was no different. Following the announcement, the Dow Jones Industrial Average fell 142.29 points or 0.42 per cent, while S&amp;P 500 lost 24.33 points or 0.61 per cent and the Nasdaq Composite dropped 85.93 points, or 0.76 per cent, reported Reuters.&nbsp;

Notably, three major averages on Wall Street might witness a yearly decline for the first time since 2018 as well as their biggest annual percentage decline since the financial crisis of 2008. This comes as nearly all 11 major S&amp;P 500 sectors ended in negatives on Wednesday with healthcare being an exception, while financials were down 1.29 per cent making it the worst performing sector.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-broadly-as-upbeat-us-data-muddles-fed-rate-hike-views-540382">Dollar gains broadly as upbeat US data muddles Fed rate hike views</a> 
 
Meanwhile, the condition of Asian stocks was no better, on Thursday, following the announcement and declines on Wall Street, Japan’s Nikkei dropped 0.42 per cent, while Australia’s S&amp;P/ASX 200 fell 0.62 per cent, Hong Kong’s Hang Seng witnessed a decline of 1.13 per cent and South Korea’s Kospi tumbled 1.32 per cent.&nbsp;

The decline has also been attributed to a rise in COVID-19 cases in China and crude oil’s downturn after strong gains a day prior. Additionally, while Beijing moves to open its economy after lifting its stringent zero-Covid restrictions, the slowed factory output and fewer retail sales in November continued to affect its outlook.&nbsp;

What has the Fed forecasted for the upcoming year?

On Wednesday, following the announcement of the interest rate hike, Powell also said that more interest rate hikes are on the horizon for the upcoming year while the US economy is in the midst of possibly slipping into recession. The Fed officials also projected a rise in the unemployment rate from the current 3.6 per cent to 4.6 per cent for the upcoming year. &nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/poll-shows-that-the-us-economy-is-headed-for-a-shallow-recession-heres-what-it-means-541596">Poll shows that the US economy is headed for a shallow recession: Here’s what it means</a>

Currently, the rate of unemployment is increasing by 0.5 per cent annually and by the end of 2023, it would be well beyond what has historically been associated with recession. However, Powell has said that they don’t “talk about this kind of recession, that kind of a recession. We just make these forecasts.”

During the press conference, following the meeting of the Federal Reserve’s Federal Open Market Committee (FOMC), he also said that there is no “completely painless way to restore price stability” and they are doing the best they can. However, even with the recent aggressive hikes, inflation remains at least three times higher than their target and they speculate it will take at least three years for things to fall back.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/fitch-inflation-and-fed-hikes-to-drive-us-economy-into-recession-526566">Fitch: Inflation and fed hikes to drive US economy into recession</a>

“The inflation data received so far in October and November show a welcome reduction in the pace of price increases, but it will take substantially more evidence to give confidence inflation is on a sustained downward path,” said Powell.&nbsp; 
 
(With inputs from agencies)&nbsp; 
 
&nbsp;

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The United States Federal Reserve following its last meeting of the year on Wednesday announced another interest rate hike, this time by half a percentage point making this its seventh time this year.

The United States Federal Reserve following its last meeting of the year on Wednesday announced another interest rate hike, this time by half a percentage point making this its seventh time this year. Furthermore, the officials have also said that the central bank will deliver more interest rate hikes in 2023, in a bid to tame decade-high inflation in the country. The interest rate, which is now at its highest in the last 15 years, seems to be reducing inflation to some degree as the US CPI data shows that the annual inflation has slowed down from 7.7 per cent in October to 7.1 per cent in November. However, Federal Reserve Chair Jerome Powell said that the recent slowing down has not been reassuring that the fight has been won. Why is the Fed raising the interest rates? When an economy is booming and inflation is on the rise, an increase in the interest rates slows everything down by making borrowing more expensive and discouraging consumers and businesses to spend more. This decrease in spending typically slows the economy and cools down inflation. These hikes are also in line with the central bank’s goal to push inflation down to two per cent. So far, the Feds have been aggressively raising the interest rate as the country continues to battle high inflation, this time around, the benchmark was raised by half a point as opposed to the string of four straight three-quarter point hikes in the past couple of months. ALSO READ | In a historic move, US Federal Reserve raises interest rate by 0.75% again Furthermore, the interest rate hike announced on Wednesday also marked the highest fed funds rate since December 2007 during the onset of the global financial crisis of 2008. However, this trend may continue for the upcoming year as it is projected that the rates would rise above five per cent by the end of next year, which is now somewhere between the 4.25 per cent to 4.5 per cent range. What does it mean for American consumers? The federal funds rate, set by the central bank, is the interest rate at which the commercial banks borrow and lend from one another overnight. Consequently, it directly or indirectly affects the borrowing costs for consumers and their earnings on savings accounts. ALSO READ | Fed lifts benchmark rate by half percentage point As of now, this leads many Americans to lean on credit as they are affected at a time when they are facing higher prices due to inflation as well as an unprecedented rise in interest rates which has not been witnessed in the past decade or so. Notably, the Fed does not control all interest rates; rather it's a ripple effect, which begins with the central bank raising the interest rates and others following suit. Some of these interest rates affected include mortgages, credit cards, and other loans. Chief financial analyst at Bankrate, Greg McBride, said, “Credit card rates are at a record high and still increasing. Auto loan rates are at an 11-year high. Home equity lines of credit are at a 15-year high. And online savings account and CD yields haven’t been this high since 2008.” The New York-based consumer financial services firm, Bankrate also noted that the average credit card rate hit a record high of 19.40 per cent (as of December 7) which is up from 16.3 per cent since the beginning of the year. Consequently, with the recent hike consumers can also witness an increase in their credit card rates within a few statements. ALSO WATCH | World Business Watch: U.S. announces 7th interest rate hike of 2022 Therefore, McBride suggests transferring any balances on the credit cards to a zero-rate balance transfer card which locks in a zero rate between a year and 21 months, this would “insulate you from rate hikes” giving the consumer a “clear runway” to pay off their debt. He added, “Less debt and more savings will enable you to better weather rising interest rates, and is especially valuable if the economy sours.” As for mortgages, the recent Fed hike would affect millions. Freddie Mac, an enterprise promoting home lending, said that with every percentage point increase in mortgage rates, which is eventually affected by the increase in the central bank’s benchmark rate, households which can afford a $400,000 mortgage decline by three to four million. Furthermore, according to the federally funded company, the 30-year fixed-rate mortgage average was 6.33 per cent by the end of the second week of December which is more than double the same time last year, for the first time in US history. This comes as mortgage rates have been rising over the past year or so which has also affected at least 15 million potential homebuyers. ALSO READ | US securities regulator issues new guidelines for firms, makes cryptocurrency risk disclosure must The 30-year average at one point had peaked above seven per cent, however, the decrease is not enough to help buyer affordability, said McBride. Furthermore, with mortgage rates rising faster than home prices dropping, Americans will be forced to spend more which could add to the financial stress of high inflation, said a report by NBC. Therefore, with more hikes in the Fed interest rate on the horizon, mortgage rates may climb further. How has the market reacted to the latest hike? Interest rate hikes typically create volatility in the stock market and this time was no different. Following the announcement, the Dow Jones Industrial Average fell 142.29 points or 0.42 per cent, while S&P 500 lost 24.33 points or 0.61 per cent and the Nasdaq Composite dropped 85.93 points, or 0.76 per cent, reported Reuters. Notably, three major averages on Wall Street might witness a yearly decline for the first time since 2018 as well as their biggest annual percentage decline since the financial crisis of 2008. This comes as nearly all 11 major S&P 500 sectors ended in negatives on Wednesday with healthcare being an exception, while financials were down 1.29 per cent making it the worst performing sector. ALSO READ | Dollar gains broadly as upbeat US data muddles Fed rate hike views Meanwhile, the condition of Asian stocks was no better, on Thursday, following the announcement and declines on Wall Street, Japan’s Nikkei dropped 0.42 per cent, while Australia’s S&P/ASX 200 fell 0.62 per cent, Hong Kong’s Hang Seng witnessed a decline of 1.13 per cent and South Korea’s Kospi tumbled 1.32 per cent. The decline has also been attributed to a rise in COVID-19 cases in China and crude oil’s downturn after strong gains a day prior. Additionally, while Beijing moves to open its economy after lifting its stringent zero-Covid restrictions, the slowed factory output and fewer retail sales in November continued to affect its outlook. What has the Fed forecasted for the upcoming year? On Wednesday, following the announcement of the interest rate hike, Powell also said that more interest rate hikes are on the horizon for the upcoming year while the US economy is in the midst of possibly slipping into recession. The Fed officials also projected a rise in the unemployment rate from the current 3.6 per cent to 4.6 per cent for the upcoming year. ALSO READ | Poll shows that the US economy is headed for a shallow recession: Here’s what it means Currently, the rate of unemployment is increasing by 0.5 per cent annually and by the end of 2023, it would be well beyond what has historically been associated with recession. However, Powell has said that they don’t “talk about this kind of recession, that kind of a recession. We just make these forecasts.” During the press conference, following the meeting of the Federal Reserve’s Federal Open Market Committee (FOMC), he also said that there is no “completely painless way to restore price stability” and they are doing the best they can. However, even with the recent aggressive hikes, inflation remains at least three times higher than their target and they speculate it will take at least three years for things to fall back. ALSO WATCH | Fitch: Inflation and fed hikes to drive US economy into recession “The inflation data received so far in October and November show a welcome reduction in the pace of price increases, but it will take substantially more evidence to give confidence inflation is on a sustained downward path,” said Powell. (With inputs from agencies) WATCH WION LIVE HERE

US Federal Reserve raises interest rate for 7th time this year: Here’s what it means

The US Central Bank has hiked interest rates by 75 basis points for the third consecutive time. The increase takes target policy rates to the range of three to three point two five percent.

US interest rates hit 14-year high in inflation battle

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Federal Reserve raises rates, Powell hints at another hike in September

UK: Bank of England hikes interest rates for 10th consecutive time amid recession

US Federal Reserve raises interest rate for 7th time this year: Here’s what it means

US interest rates hit 14-year high in inflation battle