ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Fed raises rates by 75 basis points again, signals more big increases

Powell says determined to 'get inflation behind us,' but no painless way to do so

U.S. Federal Reserve Board Chairman Jerome Powell holds a news conference after the central bank raised its target interest rate by three-quarters of a percentage point in Washington on Sept. 21.    © Reuters

WASHINGTON (Reuters) -- The Federal Reserve delivered its third straight interest rate increase of three-quarters of a percentage point on Wednesday and signaled a high likelihood of at least one more move of that size this year, with the U.S. central bank's chief vowing that officials would not let up in their battle to contain inflation.

The Fed raised its target interest rate to a range of 3.00%-3.25% -- the highest level since 2008 -- and new projections showed the policy rate rising to between 4.25%-4.50% by the end of this year before topping out at 4.50%-4.75% in 2023.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more