Fed hikes rates by 75 basis points for third time this year

The Federal Reserve on Wednesday boosted interest rates by three-fourths of a percentage point, the latest in a series of aggressive steps to tame stubborn inflation.

The Federal Open Market Committee (FOMC) — the panel of Fed officials responsible for monetary policy— hiked its baseline interest rate by 0.75 percentage points Wednesday to a span of 3 to 3.25 percent.

It is the fifth Fed rate hike since March and the third consecutive FOMC meeting ending with a 75 basis point hike.