The Federal Reserve raises the benchmark lending rate by a half percentage point in its ongoing effort to contain America's highest inflation in four decades
After a quarter-point increase in March, the US central bank's policy-setting committee pushed the rate above 0.75 percent and said more increases"will be appropriate."The Federal Reserve has raised the benchmark lending rate by a half percentage point in its ongoing effort to contain America's highest inflation in four decades.
The Fed also said it would begin trimming its bond holdings next month as a further step in the battle to lower inflation. All told, the Fed’s credit tightening will likely mean higher loan rates for many consumers and businesses over time, including for mortgages, credit cards and auto loans.
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