The US Federal Reserve has announced the most aggressive rate hike in nearly 30 years and has announced readiness for a new increase next month as a major step in the fight against rising inflation.

Raising interest rates by 0.75 percentage points is "essential" to reducing inflation, and politicians "have both the tools we need and the determination to restore the price stability of American families," said Jerome Powell, head of the Federal Reserve.

The Federal Open Market Committee, which sets the Federal Reserve's policy, raised the reference interest rate on loans in the range of 1.5-1.75 percent, from zero at the beginning of the year.

US President Joe Biden has approved an increase in interest rates in the fight against rising prices for gasoline, food, cars and many other goods.

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