US Federal Reserve raises interest rates by 50 basis points

The US Federal Reserve has raised interest rates by 50 basis points (bps) and projected at least an additional 75 bps of increases by the end of 2023. The Federal Open Market Committee of the Federal Reserve said the new interest rates was approved unanimously. The central bank's policy rate is now in a target of 4.25-4.50 per cent, the highest level in 15 years.