Fed hikes rates by half-point, biggest jump in 22 years

The Federal Reserve raised its benchmark interest rate by a half-percentage point on Wednesday, the largest increase of its kind in more than two decades as the central bank scrambles to contain decades-high inflation.

The latest rate hike marked the first time since 2000 that the Fed has raised interest rates by more than a quarter-percentage-point in a single action. The move highlights the urgency the central bank faces to curb inflation that is crushing American household budgets.