What seemed unfathomable just six months ago – a 75-basis-point rate hike by the Federal Reserve – has now happened twice in a row.At the conclusion of its July monetary policymaking meeting, members of the US central bank on Wednesday once again approved a supersized interest rate hike of three-quarters of a percentage point. Members voted unanimously in favor of the aggressive move to tackle white-hot inflation.The unprecedented action emphasises how far the Fed is willing to push the economy to temper rising costs for Americans amid the highest price increases since the 1980s.
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