BREAKING: Federal Reserve hikes interest rate by 0.25%, intensifying the central bank's inflation fight despite banking fears.
Inflation has fallen significantly from a summer peak, though it remains more than triple the Fed's target of 2%.
The Fed left the door open for further rate increases, noting that "additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time." However, a pause on rate increases could have undermined the Federal Reserve's fight against inflation, allowing high prices to persist and eat away at household budgets, economists previously told ABC News.last week found that most economists expected the Fed to raise interest rates by 0.25% on Wednesday, matching the increase that the central bank imposed at its most recent meeting last month.
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