“We’re not trying to induce a recession,” said Jerome Powell, the Federal Reserve chair.Jim Lo Scalzo/EPA, via Shutterstock

NEW YORK, Broadcasting News Corporation : The Federal Reserve raised interest rates by 0.75 percentage points, the biggest single increase since 1994. Afterward, stocks rose and the S&P 500 closed up 1.4 percent.
Its aggressive move reflects the urgency of the fight against inflation, which is the fastest in four decades. Policymakers have suggested further rate increases as they fight to keep the U.S. from falling into a deep recession.
In a sign of how the Fed expects its policies to affect the economy, officials predicted that the unemployment rate would increase to 3.7 percent this year and to 4.1 percent by 2024. They also predicted that growth would slow notably as policymakers push borrowing costs sharply higher and choke off economic demand. What’s next: The bank has projected that interest rates will hit 3.4 percent by the end of 2022, which would be the highest level since 2008. China: President Biden is considering rolling back some tariffs on Chinese goods to slow the rise in prices, though the effect will probably be small.
Crypto: The total value of the cryptocurrency market has dropped by about 65 percent since autumn, and the crash is shaking the industry. News collected from The New York Times.