The US Federal Reserve has hiked interest rates for the first time since 2018 as America's central bank moves to stem the pain of rising inflation.
Previously the US had an official cash rate of zero, after the Federal Reserve cut rates in March 2020 to stimulate the economy ahead of dire forecasts as a result of COVID-19.
Today's increase was just 25 basis points, but Chair Jerome Powell projected that the US' interest rate would hit between 1.75 per cent and 2 per cent by the end of this year.
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