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Fed attacks US inflation with another interest rate hike

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Washington (AFP) – The US Federal Reserve on Wednesday again raised the benchmark interest rate by three-quarters of a percentage point in its ongoing battle to tamp down raging price pressures that are squeezing American families. It was the second straight 75 basis point increase, and the fourth rate hike this year, as US central bankers move aggressively to cool the strongest surge in inflation in more than four decades, without derailing the world’s largest economy. While the Fed noted signs that the US economy is slowing, it signaled plans to continue to increase borrowing costs — and Fe…

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