Fed continues huge rate hike to combat inflation amid recession fears

The U.S. Federal Reserve on Wednesday raised the benchmark interest rate by 0.75 percentage point for the second straight meeting, as the central bank aggressively seeks to bring down inflation despite growing fears that a recession may be looming.Fed Chairman Jerome Powell told a press conference after a two-day meeting of the policy-setting Federal Open Market Committee that the world's largest economy faces slowing growth, but denied it is now in a recession, typically defined as negative growth in two consecutive quarters."What a recession really is, it's a broad-based decline across ma…READ FULL ARTICLE