U.S. Fed resorts to largest rate hike since 1994 to tackle inflation

The Federal Reserve on Wednesday decided on its largest interest-rate hike since November 1994, moving ahead with a 0.75 percentage point increase while signaling further aggressive tightening as the United States grapples with its highest inflation in decades.Upon concluding a two-day meeting of the policy-setting Federal Open Market Committee, the central bank said it will lift its target range for the federal funds rate to 1.50 to 1.75 percent, following a 0.5-point increase in May and a 0.25-point rise in March.In its new economic projection also released the same day, the Fed expected …READ FULL ARTICLE