A host of central banks from across the world raised interest rates again on Thursday, following the U.S. Federal Reserve in a global fight against inflation that is sending shockwaves through financial markets and the economy.
Japan, the outlier among major developed economies, kept interest rates steady on Thursday only to be punished as traders pushed the yen to a record low against the dollar - prompting the first intervention by Japanese authorities to support the currency since 1998.
"We have got to get inflation behind us," Federal Reserve Chair Jerome Powell told reporters after Fed policymakers unanimously agreed to raise the central bank's benchmark overnight interest rate to a range of 3.00%-3.25%. "I wish there were a painless way to do that. There isn't." World stocks fell close to a two-year low and emerging market currencies plummeted as investors prepared for a world where growth is scarce and credit harder to get.
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