Recession fears as US interest rates rise

The US Federal Reserve raised interest rates by 0.75 percent overnight in an effort to control spiraling inflation.

The recession has a lot to do with inflation, which is approaching its highest levels in 40 years, says Edward Boyd, Sky News business correspondent.

US Federal Reserve Chairman Jerome Powell said the US needs “long-term supply and demand for better alignment”.

“Until home prices go up at a reasonable level at a reasonable pace, and people can buy homes again,” Powell said.

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