Federal Reserve Hikes US Interest Rate by 0.75 Percentage Point

“Recent indicators of spending and production have softened,” said a statement by the Federal Open Market Committee (FOMC), a group of 12 Fed officials who set the Fed’s monetary policy. “Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the [coronavirus] pandemic, higher food and energy prices, and broader price pressures.”