What the US Fed’s latest big rate hike means for Singapore

SINGAPORE – Stock and bond prices plunged and the US dollar rallied as the Federal Reserve raised its benchmark rate to the highest level in 14 years to crush surging inflation.

The United States central bank raised the Fed funds rate by 75 basis points, or 0.75 percentage point, on Wednesday to a new target range of 3 per cent to 3.25 per cent – the highest since 2008.