It was reported that US Federal Reserve raises interest rates to the highest level since 2008. The announcement raises fears that the effort to control the US’s extraordinarily high inflation rate could send the country into recession. Due to the Fed’s action on Wednesday, the benchmark short-term rate, which affects many consumer and commercial loans, has reached its highest level since early 2008, ranging from 3 to 3.25 percent.
The US Federal Reserve has increased its benchmark interest rate by significant three-quarters of a point for the third time in a row, stepping up the fight against persistently high inflation at a rapid pace that raises the possibility of a future recession.
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