US Fed announced 0.75 percentage-point increase to tame high inflation, signaling more large rate increases to come.
After a quarter-point increase in March, the US central bank's policy-setting committee pushed the rate above 0.75 percent and said more increases "will be appropriate."
US President Biden is pushing for a coordinated approach to crypto oversight as the United States risks losing ground to China.
US central bank's latest policy statement comes as stock market investors were gripped by fear and uncertainty over just how fast and far the Fed will go to reverse its low-rate policies.
In a speech on Friday, Federal Reserve Chairman Jerome Powell indicated the central bank would be cautious in winding down its ultra-loose monetary policy and was in no hurry to lift interest rates.
Afghanistan has some $9 billion in reserves abroad - most of it held with the US Fed, says the central bank governor.
Global shares and Asian markets rally after Federal Reserve painted a rosy picture of the US economic outlook, repeating a pledge to stick to its guns with an ultra-low monetary policy.
Battle between economic optimism and fears about inflation and possible rate hikes that recovery will fuel has continued to play out on trading floors.
United Nations Security Council meets to discuss Myanmar crisis as pro-democracy activists hold fresh demonstrations against the military coup.
If approved by the Senate, Yellen will be the first female Treasury Secretary of the US.
With the economy still reeling from the damage inflicted by the coronavirus pandemic, the Federal Reserve confirmed it will keep the benchmark interest rate at zero until the recovery is underway.
The Federal Reserve took emergency action to help the economy withstand the coronavirus by slashing its benchmark interest rate to near zero and saying it would buy $700 billion in Treasury and mortgage bonds.
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