US Federal Reserve hikes interest rate to highest level since 2007

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With the latest increase, the Fed's target interest rate is set in a range between 4.50% and 4.75% — its highest level since late 2007. The Fed has been rapidly hiking rates since March of 2022 in a bid to snuff out persistent inflation.

It's been a rollercoaster 24 hours on global stock markets, with huge swings on Wall Street and volatility hitting its highest level since October 2020.

Investors are waiting for the decision from the US Federal Reserve on when it will start raising interest rates, but are also concerned about the rising tensions at Ukraine's border. Meanwhile, Bitcoin has slumped as low as $33,000, down over 50 percent from its peak in November. Our Business Editor Stephen Carroll has the details.

 

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