• Contact
Friday, July 1, 2022
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    Over 1600 African business joined Dubai Chambers since 2021

    Over 1600 African business joined Dubai Chambers since 2021

    15 African countries with the cheapest average prices of mobile data

    15 African countries with the cheapest average prices of mobile data

    South Africa economy bounces back from floods

    South Africa economy bounces back from floods

    Trending Tags

  • Business
    Angola SonaGás and OPAIA launch fertilizer industrial complex

    Angola SonaGás and OPAIA launch fertilizer industrial complex

    Angola first gold refinery to produce up to 50 kilograms per day

    Angola first gold refinery to produce up to 50 kilograms per day

    Yearly funding for Kenyan start-ups to hit Sh100 billion by 2025

    Yearly funding for Kenyan start-ups to hit Sh100 billion by 2025

    New forecast expects African airlines to record only $700 million net losses in 2022, as recovery picks pace

    New forecast expects African airlines to record only $700 million net losses in 2022, as recovery picks pace

    Kenya’s smartphone market sees shipments increase despite global shortages, report

    Kenya’s smartphone market sees shipments increase despite global shortages, report

    Coca-Cola delays listing of Coca-Cola Beverages Africa as a publicly traded company

    Coca-Cola delays listing of Coca-Cola Beverages Africa as a publicly traded company

    Global travel insurance market to reach $119 billion by 2030, report

    Global travel insurance market to reach $119 billion by 2030, report

    Kenya Airways losses an important licence from the European Union Aviation Safety Agency

    Kenya Airways losses an important licence from the European Union Aviation Safety Agency

    Constant Ventures launches $100m venture capital fund to invest in tech startups across West Africa

    Constant Ventures launches $100m venture capital fund to invest in tech startups across West Africa

  • Finance
    MFS Africa raises $100m funding to accelerate its expansion plans across Africa and Asia

    MFS Africa raises $100m funding to accelerate its expansion plans across Africa and Asia

    Nigeria pays $7.15 million for additional stake in Shelter Afrique

    Nigeria pays $7.15 million for additional stake in Shelter Afrique

    Fed hikes rates 75 basis points, intensifying inflation fight

    Fed hikes rates 75 basis points, intensifying inflation fight

    When this 3-year old bank acquired Nigeria’s second oldest bank, people wondered ‘how possible’.

    When this 3-year old bank acquired Nigeria’s second oldest bank, people wondered ‘how possible’.

    IMF’s newly proposed $50 billion trust fund to benefit low-income [African] countries

    IMF’s newly proposed $50 billion trust fund to benefit low-income [African] countries

    Mastercard strengthens digital payment capabilities across EEMEA

    Mastercard strengthens digital payment capabilities across EEMEA

    African Development Bank launches new initiative to build financial acumen of African cities

    African Development Bank launches new initiative to build financial acumen of African cities

    Safaricom and Visa launch M-PESA GlobalPay visa virtual card

    Safaricom and Visa launch M-PESA GlobalPay visa virtual card

    Rouble surges unabated as Russia mulls looser capital controls

    Rouble surges unabated as Russia mulls looser capital controls

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    Over 1600 African business joined Dubai Chambers since 2021

    Over 1600 African business joined Dubai Chambers since 2021

    15 African countries with the cheapest average prices of mobile data

    15 African countries with the cheapest average prices of mobile data

    South Africa economy bounces back from floods

    South Africa economy bounces back from floods

    Trending Tags

  • Business
    Angola SonaGás and OPAIA launch fertilizer industrial complex

    Angola SonaGás and OPAIA launch fertilizer industrial complex

    Angola first gold refinery to produce up to 50 kilograms per day

    Angola first gold refinery to produce up to 50 kilograms per day

    Yearly funding for Kenyan start-ups to hit Sh100 billion by 2025

    Yearly funding for Kenyan start-ups to hit Sh100 billion by 2025

    New forecast expects African airlines to record only $700 million net losses in 2022, as recovery picks pace

    New forecast expects African airlines to record only $700 million net losses in 2022, as recovery picks pace

    Kenya’s smartphone market sees shipments increase despite global shortages, report

    Kenya’s smartphone market sees shipments increase despite global shortages, report

    Coca-Cola delays listing of Coca-Cola Beverages Africa as a publicly traded company

    Coca-Cola delays listing of Coca-Cola Beverages Africa as a publicly traded company

    Global travel insurance market to reach $119 billion by 2030, report

    Global travel insurance market to reach $119 billion by 2030, report

    Kenya Airways losses an important licence from the European Union Aviation Safety Agency

    Kenya Airways losses an important licence from the European Union Aviation Safety Agency

    Constant Ventures launches $100m venture capital fund to invest in tech startups across West Africa

    Constant Ventures launches $100m venture capital fund to invest in tech startups across West Africa

  • Finance
    MFS Africa raises $100m funding to accelerate its expansion plans across Africa and Asia

    MFS Africa raises $100m funding to accelerate its expansion plans across Africa and Asia

    Nigeria pays $7.15 million for additional stake in Shelter Afrique

    Nigeria pays $7.15 million for additional stake in Shelter Afrique

    Fed hikes rates 75 basis points, intensifying inflation fight

    Fed hikes rates 75 basis points, intensifying inflation fight

    When this 3-year old bank acquired Nigeria’s second oldest bank, people wondered ‘how possible’.

    When this 3-year old bank acquired Nigeria’s second oldest bank, people wondered ‘how possible’.

    IMF’s newly proposed $50 billion trust fund to benefit low-income [African] countries

    IMF’s newly proposed $50 billion trust fund to benefit low-income [African] countries

    Mastercard strengthens digital payment capabilities across EEMEA

    Mastercard strengthens digital payment capabilities across EEMEA

    African Development Bank launches new initiative to build financial acumen of African cities

    African Development Bank launches new initiative to build financial acumen of African cities

    Safaricom and Visa launch M-PESA GlobalPay visa virtual card

    Safaricom and Visa launch M-PESA GlobalPay visa virtual card

    Rouble surges unabated as Russia mulls looser capital controls

    Rouble surges unabated as Russia mulls looser capital controls

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Finance

Fed hikes rates 75 basis points, intensifying inflation fight

TAB by TAB
15/06/2022
in Finance
0
Fed hikes rates 75 basis points, intensifying inflation fight
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

Fed hikes rates 75 basis points, intensifying inflation fight

The US could see another 175 basis points of tightening this year.

Related posts

MFS Africa raises $100m funding to accelerate its expansion plans across Africa and Asia

MFS Africa raises $100m funding to accelerate its expansion plans across Africa and Asia

17/06/2022
2
Nigeria pays $7.15 million for additional stake in Shelter Afrique

Nigeria pays $7.15 million for additional stake in Shelter Afrique

17/06/2022
1

Federal Reserve officials raised their main interest rate by three-quarters of a percentage point — the biggest increase since 1994 — and signaled they will keep hiking aggressively this year, resorting to drastic measures to restrain the rampant inflation they failed to forecast.

Slammed by critics for not anticipating the fastest price gains in four decades and then for being too slow to respond to it, Chairman Jerome Powell and colleagues on Wednesday intensified their effort to cool prices by lifting the target range for the federal funds rate to 1.5% to 1.75%.

They projected raising it to 3.4% by year-end, implying another 175 basis points of tightening this year.

Yields on two-year Treasuries rose, US stocks pared gains and the dollar reversed losses following the release.

The median official saw a peak rate of 3.8% in 2023, and five officials forecast a federal funds rate above 4%; the median projection in March was for 1.9% this year and 2.8% next. Traders in futures markets were betting on a peak rate of about 4% ahead of the release.

The Fed reiterated it will shrink its massive balance sheet by $47.5 billion a month — a move that took effect June 1 — stepping up to $95 billion in September.

The Federal Open Market Committee “anticipates that ongoing increases in the target range will be appropriate,” it said in a statement Wednesday after a two-day meeting in Washington. “The committee is strongly committed to returning inflation to its 2% objective.”

The central bankers also revised their outlook for the economy from the soft-landing scenario of March to a bumpier touchdown, underscoring the tough task Powell faces as he tries to tame inflation running about three times the Fed’s 2% target without causing a recession.

Having just won Senate confirmation to a second four-year term, Powell must also re-establish the Fed’s inflation-fighting credibility with investors and with Americans who are furious over the soaring cost of living.

Inflation gauge
The Fed aims for 2% inflation measured by the Commerce Department’s personal consumption expenditures price index, which rose 6.3% in the 12 months through April, near a 40-year high. Policy makers now forecast the gauge to advance 5.2% this year, up from 4.3% in the March projections, based on the median estimate of Fed governors and regional presidents.

They forecast gross domestic product growth to slow to 1.7% this year compared with a 2.8% expansion projection in March. Unemployment could rise to 4.1% at the end of 2024 from 3.6%.

The FOMC vote, which included newly sworn-in governors Lisa Cook and Philip Jefferson, included a dissent from Kansas City Fed President Esther George, who preferred a half-point increase.

Powell holds a press conference at 2:30 p.m. and will testify before Congress over two days next week, where he can expect to be challenged over his central bank’s performance.

Fed hikes rates 75 basis points, intensifying inflation fight

Source: Moneyweb
Previous Post

Best African countries for entrepreneurs in 2022

Next Post

Coca-Cola delays listing of Coca-Cola Beverages Africa as a publicly traded company

Next Post
Coca-Cola delays listing of Coca-Cola Beverages Africa as a publicly traded company

Coca-Cola delays listing of Coca-Cola Beverages Africa as a publicly traded company

RECOMMENDED NEWS

There’s a 50% chance of a global recession as central banks hike rates to curb inflation, says Deutsche Bank chief

There’s a 50% chance of a global recession as central banks hike rates to curb inflation, says Deutsche Bank chief

1 week ago
3
Cassava Technologies and Mitsui Sign MoU to Accelerate Digital Transformation in Africa

Cassava Technologies and Mitsui Sign MoU to Accelerate Digital Transformation in Africa

7 months ago
11
Niger government plans multi-billion naira Baro Smart Port City project

Niger government plans multi-billion naira Baro Smart Port City project

8 months ago
4
Rwanda: FBW Group to deliver $5 million Kigali school campus masterplan

Rwanda: FBW Group to deliver $5 million Kigali school campus masterplan

7 months ago
13

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business – News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • Over 1600 African business joined Dubai Chambers since 2021
  • Angola SonaGás and OPAIA launch fertilizer industrial complex
  • Amid high gas prices, Kenya inks deal with Saudi Arabia to import cheap fuel

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In