Federal Reserve raises interest rates by 0.75%, most since 1994, amid effort to slow inflation
Yahoo! Finance, by Brian Cheung
Posted By: Dreadnought, 6/15/2022 2:20:36 PM
The Federal Reserve on Wednesday raised interest rates by 0.75%, the largest move it has made in a single meeting since 1994. The central bank messaged that further interest rate hikes will come this year, as the Fed leans on higher borrowing costs to dampen demand and work to slow faster-than-expected inflation. “Overall economic activity appears to have picked up after edging down in the first quarter,” the policy-setting Federal Open Market Committee said in a statement, repeating its commitment to “ongoing increases.”