The US Federal Reserve has just announced it's hiking its core interest rate by 75 basis points and it won't stop there, with further increases expected.
This figure has been speculated for days, leaving the global markets in tumoil while investors waited for the decision.
The United States Federal Reserve chair, Jerome Powell says it's crucial inflation is brought under control. He says the Fed is likely to push the key rate up to 3.4 percent by year end.
Financial Times journalist Alexandra Scaggs spoke to Susie Ferguson from New York.
