iPhone | iPad
Android
Huawei
The top prize of Dh20 million goes unclaimed this week; 24 participants share second prize of Dh200,000
KT APPDOWNLOAD
US Federal Reserve hikes rate by 75 basis points to cool inflation
Increase shows deep signs of economic slowdown
File photo
The US Federal Reserve on Wednesday again raised the benchmark interest rate by three-quarters of a percentage point and said more hikes will be needed in its ongoing battle to tamp down raging price pressures.
It was the second straight 75 basis point increase, and the fourth rate hike this year, as US central bankers move aggressively to cool the strongest surge in inflation in more than four decades, without derailing the world's largest economy.
The Fed noted data showing "spending and production have softened" even amid robust job gains.
From zero at the start of the year, the Fed has raised the policy lending rate to a range of 1.5 to 1.75 per cent, which has pushed mortgage rates higher and slowed housing sales for five straight months.
There has been little progress registered yet in the inflation fight, signs of economic stress are accumulating - and raising the stakes for Fed officials as they weigh just how much tighter monetary policy needs to be to slow price increases against the risk that going too far could trigger a recession.
ALSO READ:
More news from
Several military positions of Syrian government forces and pro-Iran groups in Homs targeted, says war monitor
The passengers jumped from the balloon, state government says in a statement
Her daughter is named Matilda Carmine Richie Pelphrey
Police shares proper procedure to follow, channels to use to reach authorities for minor traffic accidents, cybercrimes, etc
Here are the things expats must do before they leave the Emirates for good after retirement
Ex-players, politicians condoled the demise of a 'volatile genius who was a crowd-pleaser and a public favourite'
In the Emirates, all vehicles need to have at least third-party insurance coverage, if not a comprehensive one