Federal Reserve again increases interest rate, amid continuing inflation, recession fears

Record high inflation and the Fed trying to cool the economy with interest rate increases has sparked recession fears

Updated: July 27, 2022 - 2:20pm

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The Federal Reserve on Wednesday announced a three-quarters of a percentage point rate hike, in an attempt to cool record-high inflation. 

The central bank's decision to have a 75-basis-point rate hike – for the second month in a row – came at the conclusion of its July monetary policymaking meeting, according to CNN