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Added on the 19/12/2018 08:22:01 - Copyright : Wochit
The US Federal Reserve voted to pause its aggressive campaign of interest rate hikes despite "elevated" inflation, while indicating a sharp increase could be needed before the end of the year, the chairman of the central bank Jerome Powell announces during a press conference in Washington, DC. SOUNDBITE
"A decision on a pause was not made today," Fed Chair Jerome Powell says during a press conference when asked whether the US Federal Reserve has made the decision to pause rate hikes. SOUNDBITE
US Fed Chair Jerome Powell says "in determining the extent to which additional policy may be appropriate to return inflation to two percent over time, the committee will take into account" the impact of existing interest rate hikes. SOUNDBITE
The Federal Reserve announces the most aggressive interest rate increase in nearly 30 years, raising the benchmark borrowing rate by 0.75 percentage points as it battles against surging inflation. SOUNDBITE
IMF chief Christine Lagarde defends central bank rate hikes, calling them a "necessary development", after markets plunged in response to US president Donald Trump blasting the Fed for going "crazy" with plans to raise borrowing costs again. SOUNDBITE
"My colleagues and I are acutely aware that high inflation imposes significant hardship as it erodes purchasing power," US Federal Reserve Chair Jerome Powell says in Washington. SOUNDBITE
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