Fed raises interest rate anew to slow inflation

WASHINGTON, D.C.: In a widely expected move, the Federal Reserve (Fed) 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 more than three decades to tame high inflation.

The United States central bank's move will raise its key rate, which affects many consumer and business loans, to 2.25 percent to 2.5 percent, its highest level since 2018.