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Fed announces three quarters percentage-point rate hike to control inflation

By Rachel Siegel and Abha Bhattarai

15 Jun 2022 · 5 min read

Editor's Note

The Fed hasn't enacted this kind of interest hike since 1994. There are speculations that the hikes will continue to rein in the high inflation.

The Federal Reserve on Wednesday hiked interest rates by three quarters of a percentage point, its most aggressive move yet to try to control inflation as it squeezes the U.S. economy.

The Fed has not enacted a hike of this size since 1994, and signaled similarly large hikes could be coming later this year in an effort to cool down the booming economy by raising the cost of lending.

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