The US Federal Reserve on Wednesday raised short-term interest rates for the first time since 2018, increasing the benchmark rate by 0.25% to a target range of between 0.25% and 0.50%.
Follow Israel Hayom on Facebook, Twitter, and Instagram
The move comes as the central bank struggles with soaring US inflation over the coronavirus crisis and the impact of the war in Ukraine.
US media said it is likely this was the first in a series of raises in the coming months.
In a statement, Fed Chairman Jerome Powell projected prices in the US will rise by 4.3% in 2022, well above the 2.6% projected in December. In 2023, the Fed hopes to bring that pace down to 2.7% and then to 2.3% in 2024.
