Federal Reserve raises interest rates by half percentage point, in effort to slow inflation

The increase, which was expected, marks the  first time in 22 years that the central bank has increased rates that much
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Customers shop at a Best Buy store on August 24, 2021 in Chicago, Illinois.
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The Federal Reserve on Wednesday announced the central bank will  raising interest rates by a half-percentage point, in attempt to slow the worst inflation in the U.S. in roughly four decades.

The increase, which was expected, marks the  first time in 22 years that the central bank has increased rates that much, according to CNN.