Federal Reserve Chairman Jerome Powell announced on Wednesday that a plan has been set in motion to hike key interest rates for the third consecutive time in an effort to further fight against inflation.
According to CNN, the increase of three-quarters of a percentage point "marks the Fed's toughest policy move since the 1980s" with a new target range of 3%-3.25% for the central bank's benchmark short-term lending rate — a height not seen since 2008.
