Wall Street

Fed raise rates again, says will not relent in inflation fight

Published by
Reuters UK

By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -The Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point on Wednesday in an effort to cool the most intense breakout of inflation since the 1980s, and U.S. central bank chief Jerome Powell said another “unusually large” hike may be appropriate in September if price pressures have not sufficiently abated. “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” the rate-setting Federal Open Mark…

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