Fed Raises Rates By Three-Quarters Of A Point

As many predicted, the Federal Reserve has just announced its third-straight rate increase. In an effort take slow the largest inflation since in decades, the Fed has announced it is raising interest rates by 0.75 percent, pushing to a range of 3 to 3.25 percent. 

The New York Times reports that the federal funds rate was set at near zero as recently as March, while the recent increases have made for its fastest policy adjustment since the 1980s.

Officials estimate that rates will continue to climb to 4.6 percent by the end of 2023.