Fed hikes its benchmark interest rate by 0.75 percentage point

Asian markets are rising after the largest Fed rate hike since 1994, with European markets set to join the global rally later on today. The Federal Reserve raised benchmark interest rates 75 basis points on Wednesday in a move that equates to the most aggressive hike in 29 years. This is as it is scrambling to contain a disruptive surge in inflation, which is proving much more difficult to tame than expected. Despite the big increase at this month's meeting, the Fed's chair Jerome Powell has indicated that he is not expecting moves of this size for at least the rest of the year. David Madden, who is Equiti Capital Market Analyst, joined us from London. #FederalReserve #JeromePowell #InterestRates