Fed attacks inflation with another rate hike

September 21, 2022

Intensifying its fight against high inflation, the Federal Reserve raised its key interest rate Wednesday, Sept. 21, by three-quarters of a point for a third straight time and signaled more large rate hikes in the future.

The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008.

Officials also forecasted that they will further raise their benchmark rate to roughly 4.4% by year’s end, a full percentage point higher than they had forecast as recently as June. And they expect to raise the rate further next year, to about 4.6%. Read more.

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