Fed conducts historic interest rate hike in desperate bid to control inflation

The Federal Reserve announced its most aggressive interest rate hike in nearly three decades in an attempt to counter the excruciating inflation afflicting the economy.

Following a two-day meeting, the Federal Open Market Committee announced Wednesday that it would increase its interest rate target by three-quarters of a percentage point, to a range of 1.5% to 1.75%. The central bank typically raises rates by just a quarter of a percentage point, so the move signals that the Fed is now scrambling to drive down prices.

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