![]() ![]() Until a few days ago, most forecasters were expecting another half-point increase in rates this week, in line with the Fed's earlier guidance. That follows a quarter-point increase in March and a half-point jump in May. The Fed raised its benchmark interest rate by three-quarters of a percentage point - the biggest hike since 1994. The Federal Reserve escalated its battle against inflation Wednesday, announcing the largest interest rate hike in 28 years as the central bank struggles to regain control over soaring consumer prices. The Fed raised interest rates by three-quarters of a percentage point on Wednesday. Federal Reserve Chair Jerome Powell looks on after taking the oath of office for his second term at the helm of the central bank at the Fed's headquarters in Washington, D.C., on May 23.
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