The Federal Reserve have raised interest rates in the United States by 0.75% - the largest single rise since 1994.
The bank raised its benchmark rate to a range of 1.5% to 1.75%, which has not been seen since before the pandemic began.
The increase will make it costlier for people, businesses and governments to borrow, affecting consumer products like credit cards and mortgages.
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#interestrates #federalreserve #Economy #business #Finance
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