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Fed Raises Interest Rate for 1st Time Since 2018; Six More Hikes Expected in 2022

HeadlineMar 17, 2022

The Federal Reserve voted Wednesday to raise the benchmark federal funds rate by a quarter percentage point — the first time the Fed has raised the interest rates since 2018. Chairman Jerome Powell signaled he expects the Fed to raise interest rates six more times by year’s end in order to combat high levels of inflation blamed on the pandemic and rising energy costs from Russia’s invasion of Ukraine.

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