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MNI: Fed Raises Rates 75BP, Biggest Hike Since 1994

(MNI) Washington
The Fed is trying to get ahead of surging inflation by moving aggressively.

The Federal Reserve on Wednesday raised interest rates by an unusually steep 75 basis points, the biggest rate hike in 28 years, an aggressive move intended to dampen inflation that appears to have gotten out of the central bank’s control.

The move pushed up the federal funds rate target range to 1.5%-1.75% from 0.75%-1.0%.

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The Federal Reserve on Wednesday raised interest rates by an unusually steep 75 basis points, the biggest rate hike in 28 years, an aggressive move intended to dampen inflation that appears to have gotten out of the central bank’s control.

The move pushed up the federal funds rate target range to 1.5%-1.75% from 0.75%-1.0%.

Keep reading...Show less