US hikes rates again
THE Federal Reserve has raised US interest rates for the second time this year and warned it may step up its pace of increases because of solid growth and rising inflation.
The Fed now foresees four rate hikes this year, up from the three it had previously forecast.
The central bank raised its key shortterm rate on Wednesday by a quarter-point to a range of 1.75pc to 2pc.
It means consumers and businesses will face higher loan rates.
It was the Fed’s seventh hike since it began tightening credit in 2015, and follows an increase in March.