Fed announces rate hike by 75 basis points

In the early morning of the 16th Beijing time, the Federal Reserve announced the statement of the June Federal Open Market Committee (FOMC) meeting. The Fed raised its target range for the federal funds rate by 75 basis points to between 1.5% and 1.75%, according to the statement. This is the first time since 1994 that the rate hike has reached 75 basis points.
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