The US central bank has held its key interest rate at its current 22-year high as it seeks to stabilise price rises, which had recently reached near-record levels

Summary:

 To combat inflation, the Federal Reserve is raising interest rates. The Federal Reserve raised interest rates six times in 2023 and is expected to do so again in 2024. The Fed's interest rate hikes are increasing the cost of borrowing money, strengthening the US dollar, and making it more difficult for banks to lend money. These effects are necessary to keep inflation in check.

Why it's Interesting/Important:

 The rise in US interest rates is having a negative impact on Thailand's economy. Investors are withdrawing funds from Thailand in order to invest in the United States, causing the Thai baht to fall in value versus the US dollar. The baht's devaluation raises the cost of energy imports, contributing to increased inflation in Thailand. Moreover, Thai citizens would suffer the brunt of rising living costs, as they will have to pay more for imported products and services. This could result in a drop in living standards, particularly for low- and middle-income households.

Ref: www[dot]bbc[dot]com/news/business-67290817