BREAKING: The Federal Reserve has delivered the largest interest rate hike since 1994 in a bid to slow inflation.
The Federal Reserve hiked up the benchmark interest rate by three-quarters of a percentage point on Wednesday
The aggressive move will affect customer and business loans, from 1.5% to 1.75%, and is expected to drive up the cost of borrowing for homes, cars and other items. Powell warned that more interest rate hikes could be on the horizon and that inflation could also rise. Powell said that the Federal Reserve wants to return to its pre-pandemic 2% rate, but that ‘ongoing increases’ in the rate may be appropriate.
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