NEW YORK -- The U.S. Federal Reserve raised the benchmark interest rate by 75 basis points for the second consecutive month on Wednesday as it intensifies the fight against 40-year-high inflation.
The Federal Open Market Committee voted unanimously to lift its federal funds rate to a range between 2.25% and 2.5%, bringing it in line with the Fed's long-run "neutral" rate. The size of the increase was largely in line with market expectations.
