(AP) — The Federal Reserve has raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in more than three decades to tame high inflation. The latest Fed move raises its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%. That’s its highest level since 2018. Speaking at a news conference after a Fed policy meeting, Chair Jerome Powell offered mixed signals about the central bank’s likely next moves. He stressed that the Fed remains committed to defeating high inflation. But he also held out the possibility that it may soon downshift to smaller rate hikes.
Photo: (AP Photo/Andres Kudacki)