* Federal Reserve raised the interest rate to .75 per cent in an attempt to rein in record high levels of inflation
* Officials agreed to their biggest hike since 1994 at their two-day meeting that wrapped Wednesday
* The move will increase its benchmark short-term rate, which affects many consumer and business loans, to between 1.5% and 1.75%
* It will drive up loan rates for homes, cars, credit cards and other items - making it much more expensive to borrow money
* 'We're strongly committed to bringing inflation back down. And we're moving expeditiously to do so,' Chairman Jerome Powell said
* Stock market rallied after the announcement with the S&P 500 inching 1.3% higher after a rocky opening
* Powell said more interest rate hikes were likely and the aim is to bring inflation down from 8% to 2%
The Federal Reserve on Wednesday raised interest rates by .75 percent in their biggest increase since 1994 in an attempt to rein in 41-year high levels of inflation - and warned more hikes are likely in the near future.
The move will increase its benchmark short-term rate, which affects many consumer and business loans, to between 1.5 percent and 1.75 percent.
The result will drive up loan rates for homes, cars, credit cards and other items - making it much more expensive to borrow money.
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MIDDLE EAST
US officials confirm Biden to visit Saudi Arabia, meet MBS.
Saudi embassy in Washington now on 'Jamal Khashoggi Way'.
‘Heavy’ damage to Damascus airport confirmed after Israeli attack.
Iranian tanker ship seized by Greece has been released, Mehr news agency reports.
Iran says two military officials involved in aerospace research killed.
Iran currency drops to lowest value ever amid US sanctions.
Ireland, Norway, Turkey want UN to extend aid to Syria.
Russia considers Turkey's possible military operation in Syria unwise.
NATO chief Stoltenberg says Turkey's security concerns are legitimate.
Top US official meets fuming Abbas in Ramallah ahead of expected Biden visit.
Iraqi MPs from Sadr's bloc resign in bid to end months of political paralysis.
ASIA
South Korea says North completed prep for new nuclear test.
Blinken says US is prepared to make adjustments to military posture in response to North Korea.
Seoul: North Korea fires suspected artillery shells into Sea.
North Korea plans crackdown as Kim pushes for internal unity.
Xi tells Putin China will keep backing Russia on ‘sovereignty, security'.
China accuses US of trying to ‘hijack’ support in Asia.
‘Stop smearing’ China: Chinese defense minister accuses U.S. of creating ‘conflict and confrontation’.
Chinese defense chief sends 'strongest warning' to US on Taiwan question; 'Indo-Pacific strategy will fail to divide region'.
China: If Taiwan goes independent, that means war.
Yen slides to 24-year low against dollar.
Crisis-hit Sri Lanka allows gov’t workers 4-day week to grow food.
AFRICA
Congo military accuses Rwanda of invasion; rebels seize town.
UN urges ‘immediate’ halt to cross-border clashes in eastern DRC.
Anti-Rwanda tensions boil over in eastern DR Congo city of Goma.
Under military rule, violence rises in Mali, Burkina Faso.
Ethiopia’s Abiy says body formed to negotiate with Tigray rebels.
Somali president picks lawmaker Hamza Abdi Barre as prime minister.
EUROPE
French, German and Italian leaders to meet Zelensky in Kyiv.
NATO defense ministers to discuss Russian security threat.
Gazprom to further cut gas supplies to Germany via Nord Stream.
Russian Central Bank cuts key rate as inflation eases.
Russia rakes in nearly $20bn from oil exports in May.
EU eyes Israeli natural gas in deal with Egypt.
EU launches legal action against UK over post-Brexit deal on Northern Ireland.
UK deportations to Rwanda stalled as European Court steps in.
AMERICAS
Biden chastises oil industry over fuel costs.
Fauci has COVID: Biden's pandemic tsar, 81, is struck down with virus and claims he has had no recent contact with the president.
US panel recommends Covid vaccines for youngest children.
Venezuela president talks cooperation with Qatar emir.
Denmark and Canada strike deal to end 50-year row over Arctic island.
Ecuador judge orders release of arrested Indigenous leader.
Over a third of US population urged to stay indoors amid record-breaking heat.
After Yellowstone, floodwaters near Montana’s largest city.
TERRORISM/THE LONG WAR
France claims capture of senior IS figure in Mali.
Jihadi attacks mount in Burkina Faso despite junta’s efforts.
Life after Guantanamo: 'We are still in jail'.
ECONOMY/FINANCE/BUSINESS
Stocks rally after Fed’s big rate hike to fight inflation.
Oil supply fears mount as OPEC underperforms.
Global food prices are soaring. Rice could be next.
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