The Federal Reserve on Wednesday raised interest rates by three-quarters of a percentage point in a bold bid at taming the historic inflation plaguing the U.S. economy. It's the central bank's biggest move since 1994, The New York Times notes.
Markets expected the rate increase, which suggests "that Fed officials are serious about crushing price increases even if it comes at a cost to the economy," the Times writes. Chair Jerome Powell has remained optimistic the bank can successfully raise rates to tame inflation without triggering a recession — a maneuver known as a "soft landing."
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