US hikes rates again

Daily Mail - - City & Finance -

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.

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