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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