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.

Stream your PBS favorites with the PBS app: https://to.pbs.org/2Jb8twG
Find more from PBS NewsHour at https://www.pbs.org/newshour
Subscribe to our YouTube channel: https://bit.ly/2HfsCD6

Follow us:
TikTok: https://www.tiktok.com/@pbsnews
Twitter: http://www.twitter.com/newshour
Instagram: http://www.instagram.com/newshour
Facebook: http://www.pbs.org/newshour

PBS NewsHour podcasts: https://www.pbs.org/newshour/podcasts
Newsletters: https://www.pbs.org/newshour/subscribe

You May Also Like