Fed boosts interest rate by 0.25% in bid to tame soaring inflation

The Federal Reserve raised interest rates by 0.25% on Wednesday after a two-day policy meeting — the first time since 2018 that the central bank has hiked interest rates in an effort to get inflation under control.

The Fed also indicated it will raise rates several times this year, a sharp about-face from its massive, credit-extending policies to aid the ailing the economy during the pandemic.