The Federal Reserve ordered another big boost in interest rates on Wednesday, and warned that rates will have to go even higher to bring stubbornly high inflation under control.
The central bank raised its benchmark interest rate by 3/4 of a percentage point. The rate, which was near zero in March, has jumped 3.75 percentage points in the last eight months. That's the most aggressive string of rate hikes in decades, but so far it's done little to curb inflation.
