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Scott Horsley

The Fed continues its crackdown on inflation, pushing up interest rates again

Inflation Interest Rates United States Jerome Powell

Chair of the U.S. Federal Reserve Jerome Powell speaks at the Brookings Institution, November 30, 2022 in Washington, DC. (Drew Angerer/Getty Images)

The Federal Reserve raised interest rates by half a percentage point on Wednesday, as it continues its crackdown on slowing, but stubborn, inflation.

The hike, smaller than the previous four increases, comes after the latest government reading showed inflation is running at its slowest annual rate in nearly a year.

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