US Federal Reserve raises rates dramatically once again but suggests a cutback in the future

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the Federal Reserve increased its benchmark interest rate by three-quarters of a percent for the fourth consecutive time

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but it also gave a signal that it would soon scale back the amount by which it raises rates.

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The Fed's action increased its main short-term rate to its highest level in 15 years, a range of 3.75 to 4 percent.

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It was the central bank's sixth rate increase this year, a trend that has increased the cost of consumer and commercial loans overall and raised the possibility of a recession.

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However, the Fed hinted in a statement that it would soon switch to a slower rate of rate rises.

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These statements suggested that the Fed's policymakers may believe that rising borrowing costs may eventually slow the economy and lower inflation

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the Federal Reserve's anticipated next rate hike in December might just be a half-point increase rather than a three-quarter one.

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Powell has led the Fed to rapidly boost rates in an effort to reduce borrowing and spending and lower price pressures

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According to government statistics, the economy expanded in the most recent quarter, and firms are continuing recruiting at a healthy rate

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Many significant central banks outside of the US are also quickly boosting interest rates in an effort to reduce inflation rates that are even greater than in the US.

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Both Europe and the UK seem to be heading into recession even as they boost rates to battle inflation.

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