1st LD: U.S. Fed hikes interest rates by 25 basis points

NEW YORK, July 26 (Xinhua) -- The U.S. Federal Reserve on Wednesday raised its benchmark interest rates by 25 basis points to the range of 5.25-5.5 percent, the highest level in over two decades, as it continues to ramp up its fight against inflation.

It is the 11th interest rate increase since the Fed began its aggressive rate hiking campaign in March 2022, taking the federal funds rate to its highest level sin