US Fed hikes interest rate by 75 bps, most since 1994

The Federal Reserve 

The Federal Reserve raised today, June 15 interest rates by 75 basis points (bps), the largest move it has made since 1994 to slow faster-than-expected inflation.

The Fed lifted policy rates to a target range between 1.5% and 1.75% in line with estimates.

The decision was not unanimous. Esther George, president of the Federal Reserve Bank of Kansas City, preferred to raise rates only by half a percentage.