The Fed launched a 2-day monetary policy meeting and announced another three-quarters of a percentage point hike as expected by the market, raising the benchmark interest rate to between 3.00% and 3.25%, and the interest rate level reached a new high in 2008.

The Fed believed that this is a necessary measure to reduce inflation. It was estimated that it will rise by another 1.25 percentage points before the end of this year, reaching 4.25% to 4.5%, and the terminal rate, or end point, will be next year, at 4.6%.

In addition, the Fed adjusted its economic outlook, downgrading its GDP growth forecast for 2023 and 2024 to 1.2% and 1.7%, respectively. Finally, the inflation rate shall fall to 2.1% in 2025, close to the Fed's 2% inflation target. The Fed may continue to raise interest rates until 2024.