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Wednesday, 21 September 2022 14:04

Fed Goes Big Again with Third-Straight Three-Quarter-Point Rate Hike

Written by Nicole Goodkind, CNN Business

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The Federal Reserve made history Sept. 21, approving a third consecutive 75-basis-point hike in an aggressive move to tackle the white-hot inflation that has been plaguing the U.S. economy.

The supersized hike, which was unfathomable by markets just months ago, takes the central bank's benchmark lending rate to a new target range of 3%-3.25%. That's the highest the fed funds rate has been since the global financial crisis in 2008.

 

The Sept. 21 decision marks the Fed's toughest policy move since the 1980s to fight inflation. It will also likely cause economic pain for millions of American businesses and households by pushing up the cost of borrowing for things like homes, cars and credit cards.

 

To read more, see CNN Business.