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Inflation

Fed raises rates by 75 basis points again, signals more big increases

Powell says determined to 'get inflation behind us,' but no painless way to do so

U.S. Federal Reserve Board Chairman Jerome Powell holds a news conference after the central bank raised its target interest rate by three-quarters of a percentage point in Washington on Sept. 21.    © Reuters

WASHINGTON (Reuters) -- The Federal Reserve delivered its third straight interest rate increase of three-quarters of a percentage point on Wednesday and signaled a high likelihood of at least one more move of that size this year, with the U.S. central bank's chief vowing that officials would not let up in their battle to contain inflation.

The Fed raised its target interest rate to a range of 3.00%-3.25% -- the highest level since 2008 -- and new projections showed the policy rate rising to between 4.25%-4.50% by the end of this year before topping out at 4.50%-4.75% in 2023.

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