The U.S. central bank sent a strong signal this Thursday that the inflation crisis has rounded a corner.

The Federal Reserve raised its benchmark interest rate for a seventh, time this year.

Raising that benchmark rate by half a percentage point instead of three quarters, as the Fed has done four times this year may look tiny.

But the implications are huge: it means the Fed thinks it’s finally got on top of this inflation crisis and can start to dial down its strategy to rein in inflation.

But the smaller hike is an important signal.

CGTN’s Owen Fairclough reports.