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June 16, 2022

Federal Reserve announces largest rate hike since 1994

  • The central bank is ramping up its drive to tighten credit and slow growth with inflation having reached a four-decade high of 8.6%.
  • By CHRISTOPHER RUGABER
    AP Economics Writer

    WASHINGTON — 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.

    The move the Fed announced after its latest policy meeting will increase its benchmark short-term rate, which affects many consumer and business loans, to a range of 1.5% to 1.75%.


     
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