The US Federal Reserve raised its benchmark lending rate on Wednesday to the highest level since 2001 to tackle above-target inflation, and signalled it could hike again later this year amid improving economic prospects.
The increase, after a brief pause in June, brings the Fed's key lending rate to a range between 5.25 per cent and 5.5 per cent. Although inflation has continued to fall since the decision in June to pause rate hikes, it remains above target — suggesting more policy action may be needed. "The Fed will stand its ground and hold rates high well into 2024, barring a more pronounced slowdown in the economy and rise in unemployment," KPMG US's chief economist Diane Swonk wrote in a note published shortly after the Fed decision on Wednesday.
"The staff now has a noticeable slowdown in growth starting later this year in the forecast, but given the resilience of the economy recently, they are no longer forecasting a recession," he added.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Fed meets to consider raising rates to 22-year highWASHINGTON: The US Federal Reserve began a two-day meeting on Tuesday (Jul 25) to decide whether to raise its benchmark lending rate to the highest level since 2001 in order to tame above-target inflation.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Former PM Thaksin Shinawatra plans to return to Thailand in August, says his daughterThaksin Shinawatra was Thailand's prime minister from 2001 until he was ousted in a 2006 coup.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
British Airways passengers fed KFC chicken – a leg each – on 12-hour flight from the BahamasIt was not originally on the menu, but one chicken leg from KFC was all that passengers on a British Airways flight got on a 12-hour flight to London due to a catering snafu. An account in the travel blog One Mile At A Time said the incident happened last...
Source: thenewpaper - 🏆 7. / 63 Read more »
British Airways passengers fed KFC chicken – a leg each – on 12-hour flight from the BahamasThe plane’s catering carts were not properly chilled, so all the food in them had to be ditched. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »
Dollar near two-week high as Fed decision looms; Aussie fallsTOKYO : The dollar hovered close to a two-week high versus the euro on Wednesday, while the yen consolidated near the middle of its range this month as traders awaited crucial policy decisions from the nations' central banks this week. The Australian dollar slid after benign inflation data suggested the Reserve
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Shares slip as markets await Fed rate riseLONDON/SYDNEY : Stocks around the world fell on Wednesday as caution reigned ahead of an expected U.S. Federal Reserve interest rate rise later in the day that may see rates go up to their highest since the global financial crisis.European stocks fell as much as 0.3 per cent in early trading, with indexes
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »