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The rise of 0.25% by the US Federal Reserve raised rates to 5.25%-5.5%, marking the eleventh increase since early 2022.

This is despite inflation in the country being 3% last month, with the Fed non-committal over future hikes.

Ed Butler finds out how this is affecting businesses in the country, and what they want to see happen next.

(Picture: U.S. Federal Reserve Chairman Jerome Powell speaks during a news conference after the release of the Fed policy decision to keep interest rates unchanged, at the Federal Reserve in Washington, U.S, June 14, 2023. Credit: REUTERS/Kevin Lamarque/File Photo)