The Fed hiked interest rates 0.75 percentage point for the fourth consecutive time in an effort to curb inflation. The Fed is hoping to hit a target range of 3.75%-4%, the highest since January 2008.
The Fed has also signaled that it will be taking a new approach for monetary in its strategy to bring down inflation. In a statement, the group said it will “will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”