US interest rates hit highest levels in 22 years

This marks the 11th increase since 2022 and comes as the US central bank continues to try and stabilise prices and cool its economy. US stock markets rose after the latest meeting on Wednesday (26 July), in which chair Jerome Powell said policymakers had covered "a lot of ground" after raising rates from near-zero starting last year. However, he hinted at further rises, adding that there was a "long way to go" before inflation might be completely vanquished. "We are going to be going meeting by meeting," he said. "It is certainly possible that we would raise the funds rate again at...