Catch the latest news reports on The Big Story, The Straits Times' weekday online news programme.
The United States Federal Reserve has raised its benchmark rate to the highest level in 14 years in an attempt to crush surging inflation.
The Fed raised the 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.
This is the third consecutive increase of that magnitude this year, making the Fed's current monetary policy tightening cycle the most aggressive in decades.
Senior business correspondent Chor Khieng Yuit joins the programme to explain the impact of the Fed's move on consumers and businesses in Singapore. With even more aggressive rate hikes expected ahead, how will they be affected?