The increase in the Fed's key short-term rate raised it to a range of 0.75% to 1%.
WASHINGTON – The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point – its most aggressive move since 2000 – and signaling further large rate hikes to come.
The increase in the Fed’s key short-term rate raised it to a range of 0.75% to 1%, the highest point since the pandemic struck two years ago. The Fed also said it will start reducing its huge $9 trillion balance sheet, made up mainly of Treasury and mortgage bonds. Reducing those holdings will have the effect of further raising borrowing costs throughout the economy.
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