US Fed hikes benchmark interest rate by 0.75 percentage point

The US Federal Reserve on Wednesday raised its benchmark interest rate by three-quarters of a percentage point for a second straight meeting as it battles soaring consumer prices.
The Fed's overnight bank lending rate now has a range of of 2.25% to 2.5%, in line with analyst forecasts.
This is the fourth hike since March and comes in response to inflation hitting a four-decade high last month.
In June, the consumer price index increased 9.1% from a year ago, with energy, food and housing costs all shooting up.
Federal Reserve chairman Jerome Powell is due shortly to hold a press conference to explain the reasoning behind the hike and indicate the central bank's future rate course.