The Federal Open Markets Committee (FOMC) on Wednesday raised its target interest rates by 75 basis points, the largest rate hike since 1994.

The hike was in line with market expectations, which called for a tightening committee, as the latest inflation figure came in above expectations, hitting a fresh 40-year high at 8.6%. FOMC Chairman Jerome Powell, who is also Chairman of the Federal Reserve, said earlier in May that the committee would approve a 50 basis point hike in June if market data such as the consumer price index (CPI) came in as expected.

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