Federal Reserve officials raised interest rates by 75 basis points for the second straight month, delivering the most aggressive tightening in more than a generation to curb surging inflation – but risking a sharp blow to the economy. Policy makers, facing the hottest price pressures in 40 years, lifted the target range for the federal funds rate on Wednesday to 2.25% to 2.5%. That takes the cumulative June-July increase to 150 basis points – the steepest rise since the price-fighting era of Paul Volcker in the early 1980s. The Federal Open Market Committee “is strongly committed to returning inflation to its 2% objective,” it said in a statement released in Washington, repeating previous l
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