FILE PHOTO: The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore. REUTERS/Edgar Su/File Photo
SINGAPORE: Stock and bond prices plunged and the US dollar rallied as the Federal Reserve (Fed) raised its benchmark rate to the highest level in 14 years to crush surging inflation.
The US central bank raised the Fed funds rate by 75 basis points, or 0.75 percentage point, on Wednesday to a new target range of 3% to 3.25% – the highest since 2008.
Already a subscriber? Log in.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
