Fed Approves Largest Interest Rate Hike in Decades To Tame Soaring Inflation

Credit: NBC News

Today’s three-quarter point interest rate hike is on top of two smaller rate hikes this year. With inflation running at 8.6 percent, the Federal Reserve hopes to cool the economy without pushing it into a recession by raising interest rates and the cost of borrowing. Some Americans have watched their monthly bills double, turning to local food banks for help. On top of this, the average gas price hit $5.01 a gallon. President Biden has accused U.S. oil companies of profiting from the pain of others.