Fed hikes rates another 75 basis points as recession warnings flash ...Middle East

The Federal Reserve announced another steep interest rate hike Wednesday, ramping up its efforts to bring inflation down from four-decade highs. The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for monetary policy, said Wednesday it would boost the central bank’s baseline interest rate by 0.75 percentage points to a range of 2.25 to 2.5 percent. The Fed has now hiked interest rates by 75 basis points twice over the past two months, a remarkably fast increase that is likely to slow the economy. Fed officials have hinted at another 75 basis point rate hike for weeks since the June FOMC meeting. The bank raised rates last month by 0.75 percentage poi

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