Fed hikes rates by 0.75 percentage point, biggest increase since 1994
(Worthy News) – The Federal Reserve approved the largest hike to its benchmark interest rate since 1994 on Wednesday as officials frantically seek to tamp down the decades-high inflation hitting household budgets.
The rate-making Federal Open Market Committee announced the hike of 0.75%, or 75 basis points, at the conclusion of its two-day meeting. The hike moved the benchmark short-term rate to a range of 1.5% to 1.75%.
The hike was in line with revised expectations after last week’s release of the Consumer Price Index for May. The federal data showed inflation accelerated to a higher-than-expected 8.6% last month, the sharpest rate since December 1981. [ Source: NY Post (Read More…) ]
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