Fed raises rates by 75 bps to tame inflation, flags weakening economic data

Policy makers, facing the hottest price pressures in 40 years, lifted the target range for the federal funds rate on Wednesday to 2.25% to 2.5%

Federal Reserve officials raised interest rates by 75 basis points for the second straight month and Chair Jerome Powell left the same move again on the table for the next meeting in September, depending on how the data comes in.
 

Policy makers, facing the hottest cost pressures in 40 years, lifted the target for the federal funds rate on Wednesday to a range of 2.25% to 2.5%. That takes the cumulative June-July increase to 150 basis points -- the steepest since the price-fighting era of Paul Volcker in the early 1980s.
 

“While another unusually large increase could be appropriate at