Fed Raises Interest Rate Raised by Half Percentage Point: Largest Spike in 20 Years

Fox Business: The Federal Reserve Wednesday raised its benchmark interest rate by a half point for the first time in two decades as policymakers intensify their fight to cool red-hot inflation, a move that threatens to slow U.S. economic growth and exacerbate financial pressure on Americans. The 50-basis point hike — a widely anticipated move — puts the key benchmark federal funds rate at a range between 0.75% to 1.0%, the highest since the pandemic began two years ago (Fox Business). 

Associated Press: The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signaling further large rate hikes to come (Associated Press).