FOMC signals ongoing rate hikes

In a media conference yesterday Federal Reserve Chairman Jerome Powell (pictured) announced an additional interest rate hike of 0.50 points after a 7.1% reduction in consumer prices following four consecutive 0.75-point increases failed to meet expectations.

The FOMC said in its media release: "The committee is strongly committed to returning inflation to the 2 percent objective" signaling a likely rate increase to 5.1% next year.

Stock markets tanked on the news.