The Federal Reserve on Wednesday announced it would raise benchmark interest rates by three-quarters of a percentage point and indicated more hikes would be coming.
The uptick is the third consecutive 0.75 percentage point move and the fifth increase in the last six months — all part of an effort by the central bank to cool runaway inflation. All told, the series of hikes has brought the federal funds rate to a range of 3% to 3.25%, the highest it’s been since 2008, and up from a rate of near zero to start the year.
You’d have to go back to 1981 to find a six-month period when interest rates rose more. The numbers back then were a little more extreme: From the end of July 1980 through January 1981, the federal funds rate bounced from 9% up to an eye-watering 19%, according to the Federal Reserve Bank of St. Louis.
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