US interest rates rise sharply to highest since 2008 as inflation battle rages

The US increase is adding pressure on other countries including the UK to raise borrowing costs as they grapple with their own inflation problems., which has up until now opted for smaller hikes than the Fed, is expected to announce its own 0.75 percentage point increase today – the biggest such move since 1989. Countries who try to limit rate rises face their currencies coming under pressure.– the rate at which prices rise – hit 8.

Despite the increase coming just days before key US congressional elections in which anger over price pressures has been a dominant theme amongst voters, the White House said the rise in the benchmark lending rate will help to bring down inflation and that a rise in mortgage rates should cool inflation in the housing market.

Mr Powell said on Wednesday night that the US Fed could consider approving a smaller 0.5 percentage point increase in December or January but warned that speculation it might pause was “premature.”

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