CAIRO - 1 February 2023: The US Federal Reserve raised its key short-term interest rate by a quarter percentage point Wednesday, throttling back from a half-point hike in December and acknowledging that a historic inflation spike is slowing, USA Today reported.
The Fed’s latest move brings the federal funds rate to a range of 4.5% to 4.75%, up from near zero in March, in its boldest flurry of rate increases since the early 1980s.
The Dow Jones Industrial Average shed 327 points, or 1%. The S&P 500 was down 0.4%. The Nasdaq Composite was about flat, boosted by gains in chipmakers after strong Advanced Micro Devices earnings, according to CNBC.
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