Federal Reserve issues smaller quarter-point interest hike

The has raised its target interest rate by a quarter of a percentage point, slowing down from the rapid hikes implemented last year to curb a surge in .

The increase announced Wednesday set the US central bank's benchmark overnight interest rate in the 4.50%-4.75% range, the highest since November 2007, when rates were slashed at the onset of the financial crisis.

Fed policymakers hope to avoid a similar economic crash this time around, and economic data since their last policy meeting in December generally has moved in the right direction.

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