Wall Street

Fed rolls out biggest rate hike since 1994, flags slowing economy

Published by
Reuters UK

By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -The Federal Reserve on Wednesday approved its largest interest rate increase in more than a quarter of a century to stem a surge in inflation that U.S. central bank officials acknowledged may be eroding public trust in their power, and being driven by events seen increasingly out of their hands. The widely expected move raised the target federal funds rate by three-quarters of a percentage point to a range of between 1.5% and 1.75%, still comparatively low by historic standards. But the Fed’s hawkish commitment to controlling inflation h…

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