Fed increases interest rates by three-quarters percentage point, amid recession fears

The Federal Reserve on Wednesday raised interest rates by three-quarters of a percentage point.

The move is a part of the bank's strategy to aggressively combat record-high inflation rates that show no sign of slowing down. 

The Labor Department's Consumer Price Index, a major indicator of inflation, last month showed an annualized increased that was a roughly 40-year high, raising fears the country is headed toward a recession.

Food prices have hit a 40 year high, and gas prices are averaging over five dollars per gallon nationwide. The Fed raised rates in an effort to slow the economy in an attempt to stave off a recession. 

The Fed announced the rate hike after members held a meeting, where they signaled more rate hikes to come.