The U.S. Federal Reserve has raised its key interest rate by 50 basis points in its continuing effort to rein in high inflation.

After a meeting of the Federal Open Market Committee(FOMC) on Wednesday, the Fed said in a statement that it raised its benchmark short-term interest rate by zero-point-five percentage points.

The new target range is four-point-25 percent to four-point-five percent.

The half-point rate hike came after four consecutive 75 basis point moves in June, July, September and November.

The Bank of Korea’s benchmark rate is now one-point-25 percentage points lower than the Fed’s.

More rate hikes are expected in the new year, with U.S. Federal Reserve policymakers projecting the key rate to reach five-point-one percent by the end of 2023.