It's the largest rate hike since 1994, and will affect millions of American businesses and households, pushing up the cost of borrowing for homes, cars and other loans in order to force a slowdown in the economy
Washington, DC The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday in an aggressive move to tackle white-hot inflation that is plaguing the economy, frustrating consumers and stifling the Biden administration.
It's the largest rate hike since 1994, and will affect millions of American businesses and households, pushing up the cost of borrowing for homes, cars and other loans in order to force a slowdown in the economy. Until this week, economists and investors had expected the Fed to raise its benchmark interest rate by half a point, the second such move in the last 22 years.
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Fed raises key interest rate in largest hike since 1994The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades.
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Fed attacks inflation with its largest rate hike since 1994WASHINGTON (AP) — The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — and signaling more large rate increases to come that would raise the risk of another recession.
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Fed attacks inflation with its largest rate hike since 1994WASHINGTON (AP) — The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — and signaling more large rate increases to come that would raise the risk of another recession.
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Fed Hikes Its Benchmark Interest Rate by 0.75 Percentage Point, the Biggest Increase Since 1994The Federal Reserve is raising interest rates by 3/4 of a percentage point, its biggest hike since 1994, as it seeks to clamp down on inflation.
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