US Federal Reserve raises interest rates by 50 bps in the biggest hike in 22 years

The US Federal Reserve System on Wednesday raised its benchmark overnight interest rate by 50 bps, citing elevated inflation. It's the second hike in two months by the US Fed and the largest increase since 2000, which brings the key rate to a range of 0.75% to 1%. US inflation reached 6.6% last month, the highest point in four decades.