Fed raises rates by another three-quarters of a percentage point, pledges more hikes to fight inflation
Posted on AllSides September 21st, 2022
From The Center
The Federal Reserve on Wednesday raised benchmark interest rates by another three-quarters of a percentage point and indicated it will keep hiking well above the current level.
In its quest to bring down inflation running near its highest levels since the early 1980s, the central bank took its federal funds rate up to a range of 3%-3.25%, the highest it has been since early 2008, following the third consecutive 0.75 percentage point move.
Stocks had given up earlier gains after the announcement, with the Dow Jones Industrial Average dropping more than 200...
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