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Fed lifts rates by 75 basis points in move against inflation

Powell indicates more hikes likely to follow, warns of unexpected supply shocks

Federal Reserve Chair Jerome Powell speaks to reporters after the U.S. central bank raised its benchmark interest rate by three-quarters of a percentage point on June 15.   © Reuters

NEW YORK -- The Federal Reserve raised the benchmark interest rate on Wednesday by 75 basis points -- the largest hike since November 1994 -- in its latest move to curb the worst inflation the U.S. has faced in 40 years.

Federal Reserve Chair Jerome Powell said the Fed's goal is a sustained inflation rate of 2%.

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