The Federal Reserve on Wednesday enacted its steepest interest rate increase in more than 20 years and indicated more monetary tightening is on the way, as it aims to slow the economy in order to bring inflation down.
Driving the news: The central bank's policy committee, following a two-day meeting, increased its target for short-term interest rates by half a percent, to a range of 0.75% to 1%. It also said it will begin shrinking its $9 trillion balance sheet of assets acquired as a form of pandemic-era stimulus.
