Fed plans to raise rates as soon as March to cool inflation

TRADERS WORK on the New York Stock Exchange floor in New York. The Federal Reserve on Wednesday signaled that it plans to begin raising its benchmark interest rate as soon as March. AP PHOTO/TED SHAFFREY
WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it plans to begin raising its benchmark interest rate as soon as March, a key step in reversing its pandemic-era low-rate policies that have fueled hiring and growth but also escalated inflation. With high inflation squeezing consumers and businesses and unemployment falling steadily, the Fed also…

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