Fed raises interest rates to 22-year high as it continues to fight inflation

US economy remains robust despite the 11 rate rises the Fed has implemented - its most aggressive rate-rising cycle in 40 years

The US Federal Reserve raised interest rates to a 22-year high on Wednesday as it continued its fight against rising inflation.

The decision to increase rates by a quarter-percentage point to a range of 5.25% to 5.5% comes after the Fed paused its rate-rising cycle last month.