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Source: CNN — 

In a bid to curb high inflation, the US Federal Reserve on Wednesday increased its key short-term interest rate by half a percentage point — the first hike of that magnitude in 22 years.

While the US economy is still operating in a fairly low rate environment, that won’t last long. The central bank is expected to raise rates several more times in the months ahead, though it’s not clear by how much.
“Inflation is the hub on the wheel and will dictate just how much and how often the Fed will need to raise interest rates,” said Greg McBride, chief financial analyst at