Fed raises interest rates by 0.75%

(ANSA) - NEW YORK, SEPTEMBER 21 - The Fed raises interest rates by 0.75% bringing the cost of money in a range between 3% and 3.25%, the highest since 2008. This is the fifth rate hike since the beginning of the year and the third consecutive 75 basis points (the cost of borrowing has risen by a quarter of a point in March and by half a point in May).

Current interest rate hikes are appropriate, the Fed says, noting that inflation remains high.

(HANDLE).