Rising inflation pushes Federal Reserve to hike interest rates for 1st time since 2018

March 16 (UPI) — For the first time since 2018, the U.S. central bank voted to increase short-term interest rates during a policy meeting on Wednesday, a measure to fight rising inflation that’s being affected by high gas prices and Russia’s war in Ukraine.

The Federal Reserve concluded its policy meeting on Wednesday afternoon, at which time it announced a quarter-point rate increase. The rate has been near zero since the start of the COVID-19 pandemic.


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