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US interest rates hit 14-yr high in inflation battle

Seattle, Portland, San Francisco
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The Federal Reserve announced it was raising its key rate by another 0.75 pp, lifting the target range to 3% to 3.25%.These rate rises are necessary to slow demand, easing the pressures putting up prices and avoiding long-term damage to the economy.Policymakers expect it to reach 4.4% by the end of the year - and rise to 4.6% in 2023, sharply higher than its prior forecasts.

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