The Federal Reserve on Wednesday boosted interest rates by three-fourths of a percentage point, the latest in a series of aggressive steps to tame stubborn inflation.
The Federal Open Market Committee (FOMC) — the panel of Fed officials responsible for monetary policy— hiked its baseline interest rate by 0.75 percentage points Wednesday to a span of 3 to 3.25 percent.
It is the fifth Fed rate hike since March and the third consecutive FOMC meeting ending with a 75 basis point hike.
The Fed had long been expected to issue another 75 basis point hike in September as inflation continued to rise through much of the summer and linger near four-decade highs. While monthly price growth has slowed slightly, the annual inflation rate of 8.2 percent in August, according to the consumer price index, was close to levels not seen since the late 1970s. ... Read More: The Hill