Fed unleashes another big rate hike in bid to curb inflation
July 28, 2022
WASHINGTON - The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in more than three decades to tame high inflation.
The Fed's move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018.
Speaking at a news conference after the Fed's latest policy meeting, Chair Jerome Powell offered mixed signals about the central bank's likely next moves. He stressed that the Fed remains committed to defeating chronically high inflation, while holding out the possibility that it may soon downshift to smaller rate hikes.