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The US Federal Reserve voted to increase interest rates to a 16-year high on Wednesday

The quarter-point rise in the Fed’s benchmark interest rate means the interest rate now stands at 5% to 5.25%.

The Fed chair argued argued that the central bank must send inflation down, in the wake of a 40 year high in inflation.

The Fed said the banking system was “sound and resilient”, but “Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The committee remains highly attentive to inflation risks,”

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