Another big Fed rate hike is here to battle inflation. Economy hangs in balance

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Fed increases key interest rate by 0.75 points again.

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taking its benchmark rate to a range of 2.25%-2.5%

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Chair Jerome Powell said there will be a point where the Fed starts to slow hikes to assess their impact.

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rate up to a range of 2.25%-2.5%

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“We actually think we need a period of growth below potential in order to create some slack,” he said.

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rate hikes at this pace and magnitude have not occurred since the late 1980s.

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which remains elevated at 9.1%, the highest in four decades.

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The increase takes the funds rate to its highest level since December 2018.

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Fed Fights Inflation With Another Big Rate Increase

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