Washington: The Federal Reserve has raised its benchmark borrowing rate by 0.75 percentage points to combat rising inflation on Wednesday, announcing the most aggressive rate hike in nearly 30 years.
The Federal Reserve Board’s policy-making Federal Open Market Committee reaffirms its “strong commitment to return inflation to its 2% target” and hopes to continue raising key rates.
Committee members are looking at year-end rates at 3.4%, up from 1.9% in March, according to the median quarterly forecast.
