Federal Reserve bumps interest rates by 75 percentage points, the highest in 28 years

American’s are going to see a significant blow to their wallets after the Federal Reserve raised interest rates by 0.75 percentage points on Wednesday, the biggest rate hike in 28 years. 

Although the Fed tends to raise the rate, which currently sits at .77 percent, by 0.5 percentage points, the central bank is acting more aggressive to curb record high inflation, which hit 8.6 percent in May, the highest it’s been in 41 years. 

The Fed’s main tool to fight inflation is by setting the…

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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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