The Federal Reserve approved a fourth-straight rate hike of three-quarters of a percentage point on Nov. 2 as part of its aggressive battle to bring down the white-hot inflation that is plaguing the U.S. economy.
The supersized hike brings the central bank’s benchmark lending rate to a new target range of 3.75% to 4%. That’s the highest the fed funds rate has been since January 2008.
The Nov. 2 decision, which comes at the end of a two-day policy meeting of the Federal Open Market Committee, marks the Fed’s toughest policy move since the 1980s and will likely deepen the economic pain for millions of American businesses and households by pushing up the cost of borrowing even further.
