Fed Raises Key Rate by a Half-Point in Bid to Tame Inflation
WASHINGTON (AP) – The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday – its most aggressive move since 2000 – and signaling further large rate hikes to come.
The increase in the Fed’s key rate raised it to a range of 0.75% to 1%, the highest point since the pandemic struck two years ago.
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