Breaking: The Federal Reserve raised interest rates by 0.75 percentage point and signaled further large rises are likely, as it combats inflation that remains near a 40-year high
Officials project short-term rates will rise above 4.25% by year’s end, signal further large increases at coming meetings
Evidence is growing that the Federal Reserve has fallen well behind on inflation and needs to make up for lost time. WSJ’s Dion Rabouin explains how we got here and what the Fed is doing to catch up. Illustration: Ryan Trefes
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