- On Wednesday, the Federal Reserve raised the target federal funds rate by 0.75 percentage point for the fourth time in a row, an unprecedented pace.
- The U.S. central bank has raised the benchmark short-term borrowing rate six times this year, including 75 basis point hikes in June, July, and September, to calm inflation, which is approaching 40-year highs and making most households feel cash tight.
- A basis point is 0.01%.
For the fourth consecutive time, the US Federal Reserve raises interest rates by 0.75%.
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