Fed unleashes another big rate hike in bid to curb inflation

Updated at 3:59 p.m.

Associated Press

07/27/2022

FEDERAL RESERVE Chairman Jerome Powell speaks to the Senate Banking, Housing and Urban Affairs Committee, as he presents the Monetary Policy Report to the committee on Capitol Hill, on June 22, 2022, in Washington. The Federal Reserve raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation. / MANUEL BALCE / ASSOCIATED PRESS FILE PHOTO

WASHINGTON (AP) – The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation. The Fed's move will raise its key rate, which affects many consumer and business loans, to a range…

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