Federal Reserve

Fed attacks inflation with its largest rate hike since 1994

By Christopher Rugaber (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.

Fed begins inflation fight with key rate hike, more to come

The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the 1970s, raising its benchmark short-term interest rate and signaling potentially up to seven rate hikes this year.