Fed announces another three-quarter-point increase in interest rates

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The move is intended to curb inflation though previous increases this year have had little effect so far

With the US economy teetering on the edge of a recession and inflation running at a four-decade high, the Federal Reserve announced another three-quarter of a percentage point increase in its benchmark interest rates on Wednesday, the second such increase in just over a month.

In a statement, the Fed said it was “highly attentive to inflation risks”.

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