BREAKING Fed makes largest interest rate jump in 28 years amid rising inflation
The Federal Reserve Wednesday afternoon announced its largest interest rate hike since 1994 — a bigger increase than it had previously signaled and a sign that the central bank is struggling to restrain stubbornly high inflation.
Sizable increases heighten borrowing costs for consumers and businesses, likely leading to an economic slowdown and raising the risk of a recession. The Fed's previous rate hikes have increased mortgage rates roughly 2 percentage points since the year began and have slowed home sales. The global efforts to tighten credit are escalating the risk of a severe downturn in the United States, Europe and elsewhere. Last week, the World Bank warned of the threat of “stagflation” — slow growth accompanied by high inflation — around the world.
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