Fed hikes interest rates by a sharp 0.75 percent despite recession fears

The Federal Reserve imposed the latest in a series of sharp interest rate hikes on Wednesday in a sign that policymakers aren’t backing down from an aggressive campaign to lower decades-high inflation.

The rate-making Federal Open Market Committee hiked the benchmark interest rate by 0.75%, or 75 basis points, at the end of a two-day meeting. The latest increase moved the Fed’s target range to between 3% and 3.25%.

In a statement after the meeting, the FOMC said it “anticipates that ongoing increases in the target range will be appropriate”...