News > US Fed hikes interest rates by 75 basis points; biggest hike since 1994

US Fed hikes interest rates by 75 basis points; biggest hike since 1994

The Free Press Journal | 16/06/2022 09:11 AM | Click to read full article

The US Federal Reserve on Wednesday (local time) raised interest rates by 75 basis points (bps) or three-quarters of a percentage point in the boldest move since 1994.

It's the largest rate hike since 1994 and will affect millions of American businesses and households, pushing up the cost of borrowing for homes, cars and other loans in order to force a slowdown in the economy.