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US interest rates jump by 0.75 per cent, US stocks rally

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The US Federal Reserve has raised official interest rates — from between 0.75pc and 1pc to between 1.5pc and 1.75pc — to curb surging inflation, with the move seeing US stocks rally and the Australian dollar jump above 70 US cents.

The US central bank has raised its key interest rates by three quarters of a percentage point to curb the highest consumer inflation in 40 years, and that has seen US stocks rally in volatile trade.The US central bank raises official interest rates by 0.75pc to a new, 1.5pc to 1.75pc target range

The Federal Reserve increased its federal funds rate by 0.75 per cent in its biggest hike since 1994, to fight surging price rises caused by the war in Ukraine, pent-up consumer demand after COVID-19 lockdowns and global supply chain issues.The Federal Reserve released forecasts showing that the official rate could reach 3.4 per cent by the end of the year and 3.8 per cent next year.

The Fed sees the economy slowing to 1.7 per cent growth this year and the unemployment rate is predicted to rise by 0.5 per cent to 4.1 per cent next year. The Australian share market looks set to gain today, with the futures index up modestly by 0.24 per cent, to 6,622, at 6:30am AEST.

 

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Let's see hoe tough they are when the recession hits. Back to pumping inflation is my guess. Hoping no one notices and pulling shadey tricks like changing definitions of words and CPI measurements.

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US stocks plunge on inflation worries, S&P plunges 4 per centUS stocks have been dumped by investors as they worry more aggressive interest rate rises by the US Federal Reserve could tip the global economy into recession. Gee didn't see that coming. How is the building back better program going?
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