US Fed hikes rates by 0.5%, highest in 22 yrs

May 05, 2022 01:04

The Federal Reserve has on Wednesday hiked interest rates by a half-percentage point, the highest hike in the past 22 years, in a bid to bring the worst inflation that America witnessed in the past 40 years under control, reports The New York Times.

The Fed also announced to reduce nearly $9 trillion balance sheet and it indicates that the central bank is withdrawing support from the economy.

The move may not directly affect the mortgages but the home rates is expected to rise, said the report.

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