Dec 8, 2015; Washington, D.C., USA; General view of the Marriner S. Eccles Federal Reserve Board Building. The building houses the main offices of the Board of Governors of the Federal Reserve System. It is located at 20th Street and Constitution Avenue, N.W. Mandatory Credit: Kirby Lee-USA TODAY Sports
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WASHINGTON (AP) — The Federal Reserve launched a high-risk effort to tame the worst inflation since the 1970s, raising its benchmark short-term interest rate and signaling potentially up to seven rate hikes this year.
The Fed’s quarter-point hike in its key rate, which it pinned near zero since the pandemic recession struck two years ago, marks the start of its effort to curb the high inflation that has followed the recovery from the recession.
The rate hikes will eventually mean higher loan rates for many consumers and businesses.
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