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IANS

The United States Federal Reserve on Wednesday raised interest rates by 75 basis points for the third consecutive time this year. The Fed has forecast they would reach 4.6% in 2023, in what is being seen as a step up in its fight to curb inflation that has reached the highest levels in the last 4 decades.

"We have got to get inflation behind us. I wish there were a painless way to do that," Fed Reserve Chairman Jerome Powell said. "There isn't".

He added: "We want to act aggressively now, and get this job done, and keep at it until its done."

A further increase are expected later in the year, of three-fourth, which would take the benchmark rate to 4.4 per cent, including a three-fourth hike in November and by a half point in December.

The United States Federal Reserve on Wednesday raised interest rates by 75 basis points for the third consecutive time this year. The Fed has forecast they would reach 4.6% in 2023, in what is being seen as a step up in its fight to curb inflation that has reached the highest levels in the last 4 decades.

Powell and his team slammed for slow initial response to escalating prices, have pivoted aggressively delivering the policy tightening measures. Updated forecasts in the June projections showed unemployment jumping to 4.4% by the end of next year and the same at the end of 2024 -- up from 3.9% and 4.1%, respectively. 

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