On March 16, the Federal Open Market Committee (FOMC), the US equivalent of Thailand's Monetary Policy Committee, raised its policy interest rate (Fed Funds Rate) by 25 basis points from 0.00%-0.25% to 0.25%-0.50% to tame rising inflation.
On April 21, Fed Chairman Jerome Powell said the central bank is committed to raising rates "expeditiously" to bring inflation down. He added: "It's absolutely essential to restore price stability." Most US analysts agree the Fed is likely to raise interest rates six more times this year, bringing the end-year Fed Funds rates to 2.5% to 3.5%.
