Federal Reserve Attacks Inflation With Another Big Hike, Expects More

The Federal Reserve has raised interest rates by 0.75% for the third consecutive time to combat inflation, affecting stock markets and consumer borrowing costs. Fed Chair Jerome Powell emphasized the need for price stability and projected further rate hikes. The Fed's economic projections indicate potential rises in unemployment and inflation, with a focus on achieving a 2% inflation target. Powell's address highlighted the challenges of balancing economic growth and inflation control, with future meetings expected to continue addressing these issues.

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