On June 15, the Federal Reserve raised the benchmark borrowing rate by 0.75%. This is the biggest hike in nearly 30 years. As reported by AFP, Fed's policy-setting Federal Open Market Committee (FOMC) reaffirmed that it remains strongly committed to returning inflation to its 2% objective & expects to continue to raise the key rate. This massive move was the first 75-basis-point increase since November 1994, reported AFP. Watch the video to know more.