Federal Reserves raises interest rate by 25 basis points, highest in 22 years
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The United States Federal Reserves on Wednesday (local time) raised its benchmark interest rate by 25 basis points, the highest in the past 22 years, according to Fox Business. The benchmark federal funds rate now lies at a range of 5.25 per cent to 5.5 per cent, the highest since 2001, further restricting economic activity as the borrowing costs for homes, cars and other items march higher.