The Federal Reserve increased interest rates by three-quarters of a percentage point today in an effort to get a handle on the worst outbreak of inflation in 40 years.
The policy decision positioned the target federal funds rate between 3.75% and 4.00%, --the highest since 2008. However, the feds hinted that future increases would be smaller than those it enacted thus far.
Rates have been raised in the U.S. central bank's last six meetings, a momentum we haven't seen since the former Fed Chair Paul Volcker's battle to control inflation in the 1970s and 1980s.
Current Fed Chair Jerome Powell said a change of pace (regarding future hikes) could be expected in the central bank's next meeting in December but cautioned that extensive uncertainty remains about how high rates will go.