Free Republic

The Federal Reserve on Wednesday raised interest rates by 75-basis points for the second-straight meeting as the need for speed to move monetary policy to a restrictive stance to curb above-trend inflation persists. The Federal Open Market Committee raised its benchmark rate to a range of 2.25% to 2.5% from 1.5% to 1.75% previously. In support of its goals - to achieve maximum employment and inflation at the rate of 2 percent over the longer run - the Fed said it "anticipates that ongoing increases in the target range will be appropriate." In the weeks leading up to the decision,...