Under-fire Fed boosts credibility with half-point rate rise
The Federal Reserve’s credibility is solid, and those criticising the central bank for not acting sooner on rates should consider those controlling the fiscal levers too.
Washington | Under fire for not acting soon enough on growing price pressures, the US Federal Reserve took steps on Wednesday (Thursday AEST) to restore its credibility, with the biggest rate rise in 22 years.
US markets appeared to agree, with shares soaring and bond yields steady.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
