Fed Raises Interest Rates Again In An Effort to Reduce Inflation

In its most aggressive effort in thirty years to control excessive inflation,

the Federal Reserve hiked its benchmark interest rate by a hefty three-quarters of a point on Wednesday.

Due to the Fed's move, its benchmark rate, which affects a number of consumer and corporate loans, 

Will rise to its highest level since 2018 and range from 2.25 percent to 2.5 percent.

Following a spike in inflation to 9.1 percent, the fastest annual rate in 41 years, the central bank made a decision that reflects its persistent efforts to restrain price increases throughout the economy.

The Fed increases borrowing rates, making it more expensive to get a mortgage, a vehicle loan, or a business loan. 

 After that, it is likely that people and businesses would borrow less and spend less, which will limit inflation and cool the economy.

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