Fed Increases Rates to Tackle Raising Inflation

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The Federal Reserve increased its interest rate range, launching the first in what will likely be a series of rate hikes meant to fight inflation. The panel of Fed officials known as the Federal Open Market Committee (FOMC) is responsible for setting monetary policy. FOMC projects roughly six more rate hikes this year, along with slower growth and higher inflation. Fed Chairman Jerome Powell has called high inflation the biggest threat to an otherwise strong economy.