Surging inflation clears way for biggest Fed hike in years

Surging inflation clears way for biggest Fed hike in years

WASHINGTON — The Federal Reserve is expected Wednesday afternoon to announce its largest interest rate hike since 1994 — a bigger increase than it had previously signaled and a sign that the central bank is struggling to restrain stubbornly high inflation. The central bank is considered likely to raise its benchmark short-term rate by three-quarters …

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