The latest tough stance has been taken in an effort to limit spiralling inflation, which stood at more than 9% in the US - the fastest increase in 40 years
As well as the interest rate announcement, the US central bank, known as the Fed, outlined economic projections.
The US housing market will also have to go through a"correction", Mr Powell said, to get supply and demand into balance and return housing price growth to a more normal pace. Median home prices have soared by nearly 36% since the beginning of the pandemic, despite the cost of mortgages going up and home sales declining.
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