Fed hikes interest rates again

The Federal Reserve on Wednesday raised interest rates by three-quarters of a percentage point, plowing ahead with a fourth straight large hike in an effort to beat back soaring inflation.

In a statement after a two-day meeting, the Fed made clear that more rate increases are coming to lower yearly inflation to its 2% goal.

“Ongoing increases in the target range will be appropriate,” the U.S. central bank said at the end of its policy meeting.

“The (Fed’s policymaking committee) anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time,” added the statement.