U.S. Federal Reserve raises interest rates for third time

Global Business

The U.S. central bank raised its benchmark interest rate to the highest level for 14 years this Wednesday.

A third consecutive three-quarter point hike means another jump in the cost of most types of credit.

And there’s mounting concern that the highest U.S. inflation in four decades can only be reduced by inflicting even more economic pain.

CGTN’s Owen Fairclough reports.