On July 27 local time, the Federal Reserve announced a 75 basis point increase in interest rates, reaching a range of 2.25% to 2.5%. The Federal Reserve has raised interest rates by 75 basis points twice in the past two months, which may slow economic growth. This is the fourth time that the Federal Reserve has raised interest rates this year. Federal Reserve Chairman Jerome Powell and other senior officials insisted that inflation would fall back to the annual target of 2% at all costs, even if it meant rising unemployment and potential recession in the short term. He also admitted that the Federal Reserve has little ability to reduce food and energy prices, but will continue to raise interest rates if inflation does not improve. At the same time, the Fed's interest rate hike in September attracted much attention. (Xinhua News Agency)