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Fed raises rates by 75 basis points again in quest to tame inflation

Yen rises against dollar on Powell's less hawkish comments

Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee in Washington.   © Reuters

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.

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