Stocks initially see-sawed after the announcement, then the indexes strengthened.
It also signalled further large rate hikes to come.
The increase in the Fed's key rate raised it to a range of 0.75 per cent to 1 per cent, the highest point since the pandemic struck two years ago.
Federal election: Prime Minister Scott Morrison will spruik a new small business pledge, while Anthony Albanese will make his pitch to industry leaders, as the turns to the leaders' economic credentials.
Morrison said the coalition would look to create 400,000 new small businesses during the next five years, should the government be re-elected.
Meanwhile, the Labor leader will address the Australian Chamber of Commerce and Industry in Sydney today and pitch the need for economic reform.
Climate change: Extreme weather, the early closure of coal plants, and a world moving to cut carbon emissions have shifted regional Australians' views on moving away from fossil fuels, according to a .
Not-for-profit consultancy, The Next Economy, interviewed people from communities connected to the fossil fuel industry across Australia over the past year about managing the transition to net zero emissions.
"By the end of 2021, the overwhelming majority acknowledged that fossil fuel use would eventually be phased out and that Australia is shifting to renewable energy," the consultancy report said.
Ukraine conflict: The European Union has proposed its against Russia, including a phased oil embargo, as Ukraine says a Russian offensive in eastern Ukraine is intensifying and Belarus announced large-scale army drills.
Cybersecurity: Password laziness puts millions of Australians and the companies they work for at risk of , experts have warned, with an estimated two thirds of Australian businesses and large corporations vulnerable.