Fed Raises Interest Rates by 0.75 Percentage Point.

Officials project short-term rates will rise above 4.25% by year’s end, signaling further large increases at future meetings.

The Federal Reserve approved its third consecutive interest-rate rise of 0.75 percentage points. It signaled significant additional increases were likely at future meetings as it combats inflation that remains near a 40-year high.

The decision Wednesday, unanimously supported by the Fed’s 12-member rate-setting committee—will lift its benchmark federal-funds rate to a range between 3% and 3.25%, a level last seen in early 2008.

Federal Reserve stated robust job growth, historical unemployment levels, supply-demand imbalances, and global economic strains due to the border war between Russia and Ukraine are some of the factors for the persistent inflation.