Federal Reserve raises rates to highest level in 22 years

The committee said it remained “highly attentive to inflation risks”, and would continue to assess additional information and its implications for monetary policy”.

Mr Powell last month said the Fed was “not so far away from the destination”. But officials have resisted ruling out any further rate increases in case inflation – which fell to an annual rate of 3 per cent in June, according to the consumer price index – does not keep falling this year. Concerns that some price gains – especially those across the services sector – were still elevated prompted officials last month to revise up their forecasts for core inflation, as measured by the personal consumption expenditures price index. In turn, they upped their predictions for the level at which the fed funds rate would peak this year.

However, market participants and economists are sceptical the Fed will follow through with further rate rises this year.

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