The Federal Reserve raised interest rates by half a percentage point Wednesday, in an effort to cool off demand and lower inflation. Consumer prices have been rising at the fastest pace in 40 years.
Federal Reserve Chair Jerome Powell testifies about monetary policy and the state of the economy before the House Financial Services Committee in Washington, D.C., on March 2.
The central bank raised its benchmark rate by half-a-percentage point, following a quarter-point increase in March. The moves mark a sharp U-turn from the easy-money policies the Fed had pursued through most of the pandemic. Inflation has been driven by strong consumer demand for both goods and services, which is outpacing the ability of businesses to deliver.
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