Washington, December 14 (QNA) – The US Federal Reserve on Wednesday raised its interest rates by 50 basis points in its continued efforts to fight inflation.

The Federal Open Market Committee (FOMC) unanimously decided to raise the target range for the federal funds rate to between 4.25% and 4.5% – its highest in 15 years.

The decision comes after the central bank made a June 15 interest rate increase of 75 basis points, the largest in 28 years. It followed that with another hike of 75 basis points on July 27, a 75 basis points hike on Sept. 21 and another 75 basis point increase on Nov. 2.

Annual US consumer inflation came in at 7.1% in November, easing from 7.7% in October, according to the figures released Tuesday. (QNA)

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