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Fortune
Fortune
Alicia Adamczyk

SHOCKING: Federal reserve hikes interest rates 0 75 | Mind Blowing Facts

U.S.-WASHINGTON, D.C.-FED-BENCHMARK INTEREST RATE-RAISING (Credit: Xinhua News Agency)

Your credit card debt just got a little pricier.

The Federal Reserve hiked its benchmark funds rate by 0.75 percentage points Wednesday in an especially aggressive attempt to lessen inflation's persistent sting. It's the third interest rate increase this year and the highest rate hike in almost three decades.

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