The Federal Reserve raised interest rates again on Wednesday. Here’s what that could mean
The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday in an attempt to bring the highest inflation in 40 years under control.
It was the fifth time the Fed has lifted rates since March, and another unusually large increase for the central bank. Inflation has recently started to slow: In August, prices rose 8.3 percent compared to a year ago, down slightly from July’s 8.5 percent, according to a Consumer Price Index report released last week. Still, higher prices have made it harder for Americans to afford basic essentials like food and housing.