Fed Approves Largest Interest Rate Hike in Decades To Tame Soaring Inflation

Today’s three-quarter point interest rate hike is on top of two smaller rate hikes this year. With inflation running at 8.6 percent, the Federal Reserve hopes to cool the economy without pushing it into a recession by raising interest rates and the cost of borrowing. Some Americans have watched their monthly bills double, turning to local food banks for help. On top of this, the average gas price hit $5.01 a gallon. President Biden has accused U.S. oil companies of profiting from the pain of others. Subscribe to NBC News: http://nbcnews.to/SubscribeToNBC » Watch more NBC video: http://bit.ly/MoreNBCNews NBC News Digital is a collection of innovative and powerful news brands that deliver compelling, diverse and engaging news stories. NBC News Digital features NBCNews.com, MSNBC.com, TODAY.com, Nightly News, Meet the Press, Dateline, and the existing apps and digital extensions of these respective properties. We deliver the best in breaking news, live video coverage, original journalism and segments from your favorite NBC News Shows. Connect with NBC News Online! NBC News App: https://apps.nbcnews.com/mobile Breaking News Alerts: https://link.nbcnews.com/join/5cj/breaking-news-signup?cid=sm_npd_nn_yt_bn-clip_190621 Visit NBCNews.Com: http://nbcnews.to/ReadNBC Find NBC News on Facebook: http://nbcnews.to/LikeNBC Follow NBC News on Twitter: http://nbcnews.to/FollowNBC Follow NBC News on Instagram: http://nbcnews.to/InstaNBC #inflation #gasprices #economy Fed Approves Largest Interest Rate Hike in Decades To Tame Soaring Inflation

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