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Fed rolls out biggest rate hike since 1994, flags slowing economy

13 Sept 07:57 Key points summarised by AI

The Federal Reserve approved its largest interest rate increase since 1994, raising the target federal funds rate by three-quarters of a percentage point to combat surging inflation.
This aggressive move aims to cool demand and tighten credit conditions, with officials projecting steady rate increases through the year, potentially reaching 3.4% by year-end, which is expected to slow the economy markedly.
Fed Chair Jerome Powell acknowledged the increasing challenge of lowering inflation from a 40-year high without causing a sharp economic slowdown or significant rise in unemployment, citing external factors and rising consumer inflation expectations.

Today 14:58 Key points summarised by AI

Thailand's government will launch the "Chainat-Pasak-Gulf" water diversion canal project in fiscal year 2027, a seven-year mega-infrastructure initiative.
This permanent structural solution aims to mitigate recurrent central plains flooding by diverting water from the Chao Phraya River directly into the Gulf of Thailand, significantly reducing flow to major cities like Ayutthaya and Bangkok.
Prime Minister Anutin Charnvirakul justifies the long-term investment as a means to reduce future damages and fiscal burdens, contrasting it with the 40-50 billion baht spent annually on short-term flood relief.
Concurrently, the Prime Minister instructed officials to expand drainage capacity into the Tha Chin River and swiftly remove water hyacinths to improve immediate flood management.