U.S. Fed announces fourth straight 0.75 point rate hike



U.S. Federal Reserve announced on Wednesday a fourth consecutive, steep interest rate hike, and said while more increases will be needed to tame inflation, it opened the door to a slower pace of future moves.

The latest three-quarter percentage point increase takes the benchmark lending rate to 3.75-4.0 percent, the highest since January 2008.

In a statement at the conclusion of its two-day policy meeting, the U.S. central bank said more rate hikes "will be appropriate" to achieve a "sufficiently restrictive" level to tamp down inflation, but it will consider the impact on the economy when deciding.