The Federal Reserve plowed ahead with a fourth straight historically large interest hike Wednesday, Nov. 2, to combat soaring inflation.
The Fed raised its key short-term rate by three-quarters of a percentage point to a range of 3.75% to 4%. Since March, the Fed has raised its federal funds rate from near zero, its most aggressive such initiative since 1980.
After a two-day meeting, the Fed made clear that more rate increases are coming to lower yearly inflation to its 2% goal.
However, Fed officials also hinted they could slow the pace of the hikes considering the large increases they already approved and the typical lag between the Fed’s actions and their effects on the economy. Read more.