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US interest rates hit 14-year high in inflation battle; Fed chief Powell vows to 'keep at it'

The Straits Times LogoThe Straits Times1w ago

US interest rates hit 14-year high in inflation battle; Fed chief Powell vows to 'keep at it' - The Straits Times

Quick Summary:

September 22, 2022 8:09 AM - He signalled that borrowing costs would keep rising this year.

The new projections put it on a slow path back to 2 per cent in 2025, an extended Fed battle to quell the highest bout of inflation since the 1980s, and one that potentially pushes the economy to the borderline of a recession.

The federal funds rate projected for the end of this year signals another 1.25 percentage points in rate hikes to come in the Fed's two remaining policy meetings in 2022, a level that implies another 75-basis-point increase in the offing.


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Article Details

Category: Economy

Topics: Market Housing Cent Federal Inflation Central Rate Rising Bank Policy Powell

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-22, 08:09:04

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Reading Time: 6 minutes read

Article Length: 1049 words

Coverage Area: Singapore

Availability: Desktop Web, Mobile Web

News ID: 462869

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About The Straits Times

The Straits Times Logo

Main Topics: Economy

Official Website: straitstimes.com

Update Frequency: 15 posts per day

Year Established: 1845

Headquarters: Singapore

News Last Updated: 2h ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #25

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