Washington, DC – The Federal Reserve unleashed heavy weaponry in its fight
against a record inflation rise that has showed no signs of abating.
The ambitious policy is likely to slow the economy even further and raise
the probability of a recession. It has caused a severe market sell-off.
The Federal Reserve boosted key short-term interest rates by three-quarters of a percentage point on Wednesday,
the highest increase since 1994, to a range of 1.5 percent to 1.75 percent. It reduced its economic estimate.