US Federal Reserve signals 6 more interest rate hikes for 2022

By Ovunc Kutlu

ANKARA (AA) - The US Federal Reserve signaled Wednesday six more interest rate increases for the remaining of 2022 after it raised rates by 25 basis points to between the range of 0.25% - 0.50%.

The Fed's median federal funds rate projection was raised to 1.9% for 2022, which means the central bank can hike rates by 25 basis points in each of its remaining six meetings this year.

The previous projection in December was 0.9% for the year.

The Fed also raised its 2022 inflation projection to 4.3%, from 2.6%, according to its projections.

Its expectation for unemployment rate remained unchanged at 3.5%.

The projection for 2022 economic growth was lowered to 2.8% from an estimate of 4%.