The Fed on Wednesday, Dec. 14, raised its benchmark interest rate to the highest level in 15 years, indicating the fight against inflation is not over.
Keeping with expectations, the Federal Open Market Committee voted to boost the overnight borrowing rate by half a percentage point, taking it to a targeted range between 4.25% and 4.5%.
The increase breaks a string of four straight three-quarter point hikes, the most aggressive policy moves since the 1980s.
The Fed also indicated officials expect to keep rates higher through next year with no reductions until 2024. Learn more.