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The U.S. Federal Reserve on Wednesday raised its benchmark interest rates by 25 basis points to the range of 5.25-5.5 percent. It is the 11th interest rate increase since the Fed began its aggressive rate hiking campaign in March 2022, taking the federal funds rate to its highest level since early 2001.

Higher interest rates have slowed U.S. economic growth, strained the financial system, and exacerbated the already heavy U.S. government debt burden, all of which could have global spillover effects.

The U.S. dollar holds a dominant position in the international monetary system, yet the U.S. government never considers the interests of other countries when formulating fiscal and monetary policies. Instead, it recklessly disrupts the global economic market and exports financial risks, shifting crises onto other countries and regions through its dollar hegemony. (By Meng Xiangjun, Gu Liping, Wang Luyao and Li Xiangyi)