Fed lifts interest rate anew, says more hikes to come

WASHINGTON, D.C.: Intensifying its fight against high inflation, the Federal Reserve (Fed) on Wednesday (Thursday in Manila) raised its key interest rate by a substantial three-quarters of a point for a third straight time and signaled more large rate hikes to come — an aggressive pace that will heighten the risk of an eventual recession.

The United States central bank's move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3 percent to 3.25 percent, the highest since early 2008.