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Fed boosts key interest rate again in bid to tamp down soaring inflation

Related Topics: Federal Reserve System

The Federal Reserve hiked a key interest rate again by three-quarters of a percent Wednesday, extending its most aggressive increase in two decades as the central bank tries to contain inflation running at a 41-year high.

Despite concerns of a possible recession, the Fed announced the fourth increase in its benchmark borrowing rate since March to tamp down inflation that reached an annual rate of 9.1% in June. The Fed said that ongoing increases in its target range “will be appropriate” in the months ahead.

In its statement, the central bank’s open market committee said it is weighing a variety of conflicting economic data.