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Fed raises key rate by a half-point in bid to tame inflation

PBN Staff

05/04/2022

powell — FEDERAL RESERVE Chairman Jerome Powell testifies before the Senate Banking Committee on March 3 on Capitol Hill in Washington. The Federal Reserve intensified its drive to curb the worst inflation in 40 years by raising its benchmark short-term interest rate by an sizable half-percentage point. / COURTESY TOM WILLIAMS, VIA AP

WASHINGTON (AP) – The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signaling further large rate hikes to come. The increase in the Fed's key rate raised it to a…