On Wednesday, the Federal Reserve announced yet another significant increase in interest rates as concerns grow over how much higher borrowing costs will have to rise before strong inflation begins to moderate.

The benchmark interest rate was increased by the central bank by 0.75%. In March, the rate was almost zero; since then, it has increased 3.75 percentage points. Although that is the most aggressive series of rate increases in decades, little has been accomplished in terms of keeping prices in check so far.

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