BREAKING NEWS: The FOMC Raises Short-Term Interest Rate 0.75%

By Staff Reporters


The Federal Reserve jut raised its short-term borrowing rate another 0.75% to slow key areas of the economy and tame inflation, which is at a 40-year high. The central bank said its new target range is 3.75%-4%, the highest level since January 2008.

The aggressive move is the latest in a string of borrowing cost increases imposed by the Fed in recent months as it tries to slash price increases by cooling the economy and choking off demand. The approach, however, risks tipping the U.S. into a recession and putting millions out of work.

The fourth rate hike of 2022 also arrives less than a week before the midterm elections.



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