Fed hikes interest rates by 0.75 percentage point for second consecutive time to fight inflation

Fed hikes interest rates by 0.75 percentage point for second consecutive time to fight inflation

The Federal Reserve on Wednesday enacted its second consecutive 0.75 percentage point interest rate increase as it seeks to tamp down runaway inflation without creating a recession. In taking the benchmark overnight borrowing rate up to a range of 2.25%-2.5%, the moves in June and July represent the most stringent consecutive moves since the Fed …

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