WASHINGTON — For the first time in 22 years, the Federal Reserve on Wednesday pushed up interest rates by a full half-percentage point — a significant escalation of its efforts to get control of troublingly high inflation.
The Fed action will raise costs for new borrowers and increase interest payments that many households, already stressed by higher prices for food and gas, are making on existing home equity lines, credit cards and some other loans.
And that's likely just the beginning. Financial markets expect another half-point rate hike at the Fed's next meeting in mid-June, and possibly another one in August.
