This afternoon, the Federal Reserve “raised its benchmark interest rate by 75-basis points for the first time in nearly three decades as policymakers intensify their fight to cool red-hot inflation, a move that threatens to slow US economic growth and exacerbate financial pressure on Americans,” Megan Henney reported for Fox Business.

She went on to write: “Officials also laid out an aggressive path of rate increases for the remainder of the year. New economic projections released after the two-day meeting showed policymakers expect interest rates to hit 3.4% by the end of 2022, which would be the highest level since 2008 ….

‘Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices and broader price pressures,’ the Fed said in its post-meeting statement ….

Read complete article online under “Fed raises interest rate by 75-basis points in historic move to fight inflation: Historic Fed interest rate hike comes as inflation soars to new high.”