US Federal Reserve raises interest rates by 0.5%, sharpest hike in 22 years
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The US Federal Reserve has raised its benchmark interest rate by a half percentage point, marking the sharpest rate hike since 2000, as it takes more aggressive steps to rein in the highest inflation in four decades. The FOMC, the Fed's policy-making body, decided to raise the target range for the federal funds rate to 0.75 to 1 per cent, the Fed said in a statement issued on Wednesday after a two-day policy meeting.