Federal Reserve hikes rate by 75 basis points

Global Business

Federal Reserve hikes rate by 75 basis points

The U.S. central bank on Wednesday imposed a second successive steep benchmark interest rate hike to try to tame soaring inflation.

The Federal Reserve’s hike of three quarters of a percent is designed to make credit more expensive and so cool economic activity.

But having been pilloried for acting too late, some economists now fear the Fed is going to throw the economy into a recession.

CGTN’s Owen Fairclough reports.