U.S. Federal Reserve hikes interest rates by 75 basis points in bid to tame inflation

U.S. Federal Reserve Chair Jerome Powell announced at a press conference on Wednesday that the central bank raised its benchmark interest rate by a hefty three-quarters of a point for the second consecutive time, in its most aggressive drive in three decades to tame high inflation. Powell indicated “an even larger move” may be possible for the future, but that decisions will be made on a “meeting to meeting” basis.