US Federal Reserve hikes interest rate by 25 basis points to curb inflation– The US central bank has increased interest rates again, despite fears that the move can add to financial turmoil after a string of recent bank failures. The Federal Reserve hiked its key rate by 0.25% points and said various actions may be appropriate as consumer prices continue to climb.
- Two US banks – Silicon Valley Bank and Signature Bank collapsed due to problems caused by higher interest rates.
About US Federal Reserve
- Chairperson: Jerome Powell
- Founded: 23 December 1913
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