Washington DC: The Federal Reserve, which is the Central bank of the United States, on Wednesday, opted to keep interest rates steady at their highest level in 22 years for the second consecutive meeting, Bloomberg reported.
Washington: Consumer spending in the U.S. rose in August, although the core inflation rate, excluding food and energy, showed a decrease, falling below 4.0% compared to the previous year, Reuters reported.
The US Federal Reserve has imposed a fine of $186 million on German lender Deutsche Bank for violations related to sanctions and deemed "unsafe and unsound" banking practices at its US subsidiaries, AFP reported.
The United States Federal Reserve has increased the policy rate by 25 basis points, resulting in a new range of 4.75% to 5%.
There will be no bail out for investors of the now-collapsed Silicon Valley Bank (SVB) that recently appeared in Forbes magazine's annual ranking of the best banks in America, for the fifth year in a row, according to media reports.
Stock market indexes across the world have gone through massive ups and downs since Russia declared war on Ukraine. But Friday, the stocks across the world suffered the biggest fall as the investors feared tighter monetary policy by the inflation-fighting central banks across the world could impair economic growth.
US stock indexes slumped sharply Thursday, following Federal Reserve's biggest interest rate hike since 1994 that heightened recession worries, media reports said.
Wahington: America's central bank Federal Reserve Wednesday increased its target interest rate by three-quarters of a percentage point, and signaled more hikes in the coming months to stem the biting inflation.