US Fed Reserve hikes interest rates by a quarter percentage point to curb inflation

United States Federal Reserve has raised interest rates for the first time since 2018 as it approved a rate hike of 0.23 percent or 25 basis points. The announcement came at the end of the two-day meeting of the policy making Federal Open Market Committee (FOMC). The Federal Reserve also laid out an aggressive plan to push borrowing costs to restrictive levels next year in a move aimed at battling the coronavirus pandemic, countering the economic risks posed by excessive inflation and the war in...