US Federal Reserve announces three-quarter-point interest rate increase to cool inflation – as it happened

Jerome Powell, chair of the Federal Reserve, has spoken about the 0.75% rise in interest rates announced this afternoon. He said the move was essential because “inflation is much too high.”

Powell said:

My colleagues and I are strongly committed to bringing inflation back down. And we’re moving expeditiously to do so.

We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and…