The Federal Reserve said Wednesday it will again be raising interest rates three-quarters of a percentage point, as the central bank continues its aggressive push to tackle sky-high inflation.
The 12-member Federal Open Market Committee unanimously approved the atypical hike, and also signaled in a post-meeting statement that "ongoing increases" are to be expected, The New York Times reports. Wednesday's bump will lift the federal-funds rate — or, "the rate at which commercial banks borrow and lend their excess reserves to each other overnight," per Investopedia — to a range between 2.25 percent and 2.5 percent, adds The Wall Street Journal.
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