U.S. Federal Reserve raises interest rates by 0.5%
Owen Fairclough

The U.S. central bank accelerated its attempts to tame soaring inflation on Wednesday with an aggressive interest rate hike.

The Federal Reserve raised its benchmark rate by half a percent, the steepest hike for decades.

And amid growing fears of a recession, the Fed is now expected to raise that rate faster and higher - with huge implications for businesses and consumers.

CGTN's Owen Fairclough has more.

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