News Snapshot:
Washington: Intensifying its fight against high inflation, the Federal Reserve raised its key interest rate Wednesday by a substantial three-quarters of a point for a third straight time and signaled more large rate hikes to come — an aggressive pace that will heighten the risk of an eventual recession. The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3 per cent to 3.25 per cent, the highest level since early 2008. The officials also forecast that they will further raise their benchmark rate to roughly 4.4 per cent by year’s...
