US central bank hikes interest rate for 3rd consecutive time, up to 3.25%

The U.S. Federal Reserve delivered its third straight 75-basis point interest rate hike on Wednesday, in its campaign to drive borrowing costs high enough to bring down 40-year high inflation. Speaking at a press conference, Federal Reserve Chair Jerome Powell outlined the goal of the increase as getting businesses and households to pull back on spending and reduce demand for goods, services and labour in order to ease upward pressure on prices.