Fed hikes rates by 0.75 percent, biggest increase since 1994

The Federal Reserve approved the biggest interest rate hike since 1994 and indicated it would continue to raise rates this year at the fastest pace in decades. It rushes to slow the economy and combat inflation running at 40-year high,

Officials agreed a 0.75-percentage-point rate hike at their two-day policy meeting that ended Wednesday would raise the Fed’s benchmark federal-funds rate to a range between 1.5% and 1.75%.