URGENT: Fed continues aggressive interest rate hikes to fight inflation

The U.S. Federal Reserve on Wednesday decided to carry on with its aggressive interest rate hikes amid stubbornly high inflation, a move that could further weaken the yen against the U.S. dollar.

Upon concluding a two-day meeting of the policy-setting Federal Open Market Committee, the central bank said it will lift its target range for the federal funds rate by 0.75 percentage point, the same as increases decided in its previous two meetings, to reach a level of 3.00 to 3.25 percent.

© Kyodo News