The Federal Reserve on Wednesday enacted its second consecutive 0.75 percentage point interest rate increase as it seeks to tamp down runaway inflation without creating a recession.

In taking the benchmark overnight borrowing rate up to a range of 2.25%-2.5%, the moves in June and July represent the most stringent consecutive moves since the Fed began using the overnight funds rate as the principal tool of monetary policy in the early 1990s. Fed Chairman Jerome Powell briefs the media at 2:30 p.m. ET.

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Chairman Powell speaks after Fed hikes interest rates by 0.75 percentage point — 7/27/2022

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