Fed hikes interest rate 0.75 percentage point to tame inflation, and sees aggressive increases ahead. What’s it mean for you?

Fed hikes interest rate 0.75 percentage point to tame inflation, and sees aggressive increases ahead. What’s it mean for you?

WASHINGTON – The Federal Reserve barreled ahead with a third straight outsize interest rate hike Wednesday in an effort to squash high inflation – but economists worry the campaign is increasingly risking a recession by next year.

The Fed raised its key short-term rate by three-quarters of a percentage point to a range of 3% to 3.25%, a higher-than-normal level designed to ease inflation by slowing the economy. It also significantly bumped up its forecast for what that rate will be at…


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