The on Wednesday increased its key interest rate by three-quarters of a percentage point for the second month in a row, matching the biggest increase since 1994. The move brings the target rate to between 2.25 percent and 2.50 percent, which is where it stood in the summer of 2019, its most recent high before the pandemic struck. Interest rates are the Fed's key tool in trying to lower inflation from a four-decade high, and the central bank is pursuing an aggressive rates path after consumer prices jumped 9.1% in June from a year ago.
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