The US Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point for the second straight session on July 27, 2022. It was the central bank’s most aggressive drive in three decades to tame high inflation. Chairman Jerome Powell said he did not think the US is in a recession, but that the Fed is determined to bring the inflation rate down to 2 per cent.
Video source: AP/US Network Pool/Reuters/US Federal Reserve
