America's Federal Reserve has announced its biggest interest rates hike in a generation -- and is warning more hikes are on the way

It's raised the cash rate by 75 basis points -- the highest increase since 1994.

The move is a desperate effort to control inflation, and follows a volatile few days on global markets.

Federal Reserve Chairman Jerome Powell spoke moments ago, revealing today's hike could be one of many.

He says the Fed will strive to avoid adding uncertainty during an already uncertain time, but the American economy is very strong and well positioned to handle tighter monetary policy.