US Fed hikes interest rate by 75 bps for fourth consecutive time

The Federal Reserve

The Federal Reserve lifted today, Nov. 2, interest rates by 75 basis points (bps) in line with its efforts to control inflation in the US. 

The Fed raised target interest rate to a range of 3.75%-4%, from 3% and 3.25%.

The Federal Open Market Committee (FOMC) anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.

The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

It will also take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.