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U.S. Federal Reserve raises interest rate by 75 basis points amid rising inflation

U.S. Federal Reserve Chairman Jerome Powell announced at a news conference on Wednesday that the Federal Open Market committee raised its target policy interest rate by three-quarters of a percentage point to stem a surge in inflation. He added that “ongoing increases in that rate will be appropriate.” The rate hike was the biggest made by the U.S. central bank since 1994, and was delivered after recent data showed little progress in its inflation battle.