scorecardresearch
WATCH: US Fed Delivers Third-Straight Hike, Powell Vows To "Keep At It"

WATCH: US Fed Delivers Third-Straight Hike, Powell Vows To "Keep At It"

The US Fed hikes interest rates by 75 basis points in the 3-3.25% range to tame decades-high inflation. Fed Chair Jerome Powell said US central bank officials are "strongly resolved" to bring down inflation from the highest levels in four decades and "will keep at it until the job is done," a process he repeated would not come without pain. However, policymakers also signalled more large increases in new projections showing its policy rate rising to 4.40% by the end of this year before topping out at 4.60% in 2023. This is up from the projections in June of 3.4% and 3.8% respectively.