US Federal Reserve approves first interest rate hike since COVID-19 outbreak

The Federal Reserve raised US interest rates on Wednesday for the first time since the 2020 outbreak of the coronavirus pandemic and said there could be another six hikes this year if inflation remains high. The central bank forecast inflation at 4.3 per cent for 2022, versus its typical target of 2 per cent a year. The last time the US economy fell into a recession was in 2020.