The 150 basis point rate hike in the June and July meetings was recorded as the hardest tightening move since the early 1980s.

The US Federal Reserve (Fed) increased the policy rate by 75 basis points to 2.25-2.50 percent.

The decision was taken unanimously. In the text of the resolution, the message that the Fed is highly attentive to inflation risks was repeated. It was stated that the Federal Open Market Committee on inflation (FOMC) has a strong commitment to returning to the 2 percent target. The text emphasized that expenditures and production have softened despite wage increases.

The Fed reiterated that continued rate hikes within the target range would be appropriate. In the text of the decision, it was stated that the policy could be reviewed when the risks to the implementation of the objectives were concerned.