Economy News
Fed escalates its inflation fight, raises rates by 0.75 points for third time in a row

Intensifying its fight against chronically high inflation, the Federal Reserve raised its key interest rate Wednesday by a substantial three-quarters of a point for a third straight time, an aggressive pace that is heightening the risk of an eventual recession. The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008. The policymakers also signaled that by early 2023, they expect to have further raised rates much higher than they had projected in June.

News Source:- https://indianexpress.com/article/business/world-market/us-fed-escalates-its-inflation-fight-raises-rates-by-0-75-points-for-third-time-in-a-row-8165159/