To reduce persistently high inflation, the Federal Reserve announced another third consecutive “jumbo” 0.75 percentage point rate hike, further increasing the cost of debt for credit cards, vehicle financing and other loans.
This is the fifth-straight increase to the federal funds rate brings it to a range of 3% to 3.25%, the highest it’s been since 2008. Typically, rate increases come in 25 basis point increments, but the Fed has been using supersized hikes to curb the rate of inflation.
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