Federal Reserve implements highest interest rate hike in decades to combat inflation

Federal Reserve implements highest interest rate hike in decades to combat inflation

The Federal Reserve on Wednesday ramped up its efforts to fight inflation with a notable interest rate hike. Officials voted to raise rates by three-quarters of a point, a jump higher than expected just a week ago. Fed chair Jerome Powell acknowledged the ongoing rate hikes might slow growth later this year, as the Fed projected unemployment would rise to 4 percent by 2024. Paul Solman reports.

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