FEDERAL RESERVE Chair Jerome Powell announced Wednesday the Federal Reserve pumped up its benchmark interest rate by three-quarters of a point for a fourth straight time to fight high inflation but hinted that it could soon reduce the size of its rate hikes. It was the Fed’s sixth rate hike this year — a streak that has made mortgages and other loans increasingly expensive and heightened the risk of a recession.
WASHINGTON (AP) – The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point for a fourth straight time to fight high inflation but hinted that it could soon reduce the size of its rate hikes. The Fed's move raised its key short-term rate to a range of 3.75% to 4%,…

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