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Inflation

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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