Fed Hikes Key Interest Rate 0.75 Points for Second Time as Inflation Surges

New York Post

The Federal Reserve approved another steep hike in its benchmark interest rate on Wednesday, pushing forward with a plan to tackle decades-high inflation despite fears the moves could trigger a recession.

The rate-making Federal Open Market Committee announced the hike of 0.75%, or 75 basis points, after a two-day meeting.

The Fed has now hiked rates by three-quarters of a percentage point for the second straight month — with the previous 0.75% increase marking the first of its kind since 1994.

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