US Benchmark Interest Rate Hiked by 75 Bps, Most Aggressive in 28 Years

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Viva Budy Kusnandar 16/06/2022 10:10 WIB

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The Fed raised its benchmark interest rate by 75 basis points to a range of 1.5-1.75%.

The Fed's Benchmark Interest Rate (Mar 2020 – Jun 2022)

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US Benchmark Interest Rate Hiked by 75 Bps, Most Aggressive in 28 Years

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The Fed's Benchmark Interest Rate (Mar 2020 – Jun 2022)

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The United States Federal Reserve (The Fed) raised its benchmark interest rate by 75 basis points (bps) on Wednesday, June 15, 2022. This increase is the most aggressive since late 1994.

This increase brings the US central bank's interest rate to a range of 1.5-1.75%. This level is the highest since March 2020, as shown in the graph. Further interest rate hikes are projected until the end of the year, targeting a rate of 3.4%.

The Fed implemented this interest rate hike to curb inflation. As is known, US inflation in May 2022 reached 8.6% (year-on-year/YoY). This is the highest inflation rate in four decades.

The improving global economy, following the easing of the Covid-19 pandemic, has driven increased demand for commodities, both food and energy. Amidst this rising demand, Russia's invasion of Ukraine fueled further commodity price increases.

Russia is a major exporter of energy commodities to European and other countries. Similarly, Ukraine is a major exporter of food commodities, vegetable oils, and wheat to various countries, including Indonesia.

Disruptions to these supplies have driven up commodity prices and triggered high inflation in several countries.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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US Benchmark Interest Rate Hiked by 75 Bps, Most Aggressive in 28 Years

US Benchmark Interest Rate Hiked by 75 Bps, Most Aggressive in 28 Years

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US Benchmark Interest Rate Hiked by 75 Bps, Most Aggressive in 28 Years

US Benchmark Interest Rate Hiked by 75 Bps, Most Aggressive in 28 Years

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